101 Cost Accounting: The First Mile In The Milestone

101 Cost Accounting: The First Mile In The Milestone

Finance & AccountingCost Accounting Basics

Who Should Attend

Accountants, accounting managers, cost accountants, cost analysts, budget analysts, systems analysts, auditors and financial planners.

Our Mutual Objectives

  • A Better Comprehension of What Cost Accounting Is and How It Related to Financial Statements and Internal Reports
  • An Understanding of Various Methods Used to Collect Costs and Assign Both Direct Costs and Overhead to Various Products and Services
  • The Means and Understandings to Analyze Variances from Standard Costs and Determine the Cause of Those Variances
  • Tools for Analyzing the Impact of Changes in Costs, Volumes and/or Profits Through Break-Even and Contribution Margin Analysis
  • An Understanding of What Costs Are Relevant in Decision-Making
  • An Introduction to (or Refresher in) ROI Analysis, Both for Specific Projects and General Business Situations
  • The Ability to Go Back to Jobs and Apply Techniques Learned to Better Use Systems Already in Place, or to Help Implement New Systems; and/or the Ability to Return to Jobs and Ask Appropriate Questions About the System Currently Being Used

Course Outlines

1-      Introduction to Cost or Managerial Accounting

  • Understand the Place of Cost or Managerial Accounting in Relationship to Financial Accounting
  • Understand the Planning and Control Process and Its Relationship to Cost Accounting
  • Recognize and Understand Specific Cost-related Terminology

2-      Budgeting

  • Relate Budgets to the Planning and Control Process
  • Recognize the Use of Budgets as a Tool within Both Traditional and ABC Cost Systems
  • Recognize Techniques to Enhance Budgeting Accuracy and Make Budgets More Relevant

3-      Product Costing Systems and Accounting for Overhead

  • Understand the Application and Uses of Job Order Costing
  • Understand the Application and Use of Process and Operational Costing
  • Understand Reasons Behind Overhead or Burden Rates
  • Identify Several Different Methods of Associating or Applying Overhead to Various Products and Services, and the Implications of Using Each Method

4-      Activity-Based Costing for Management Control

  • Understand Reasons for Using Activity-Based Costing as Opposed to Traditional Methods
  • Understand the Basic Process of Identifying Activities
  • Understand the Basis for Costing Activities
  • Understand How Products or Services are Costed Using ABC

5-      Standard Costing and Variance Analysis

  • Understand Why Standards Are Used
  • Understand Different Approaches to Setting Standards, and the Implication of Each Approach
  • Understand What Is Included in Each Standard
  • Understand When Standards Should Be Changed
  • Understand What Happens When Standards Are Changed
  • Understand the Process of Variance Analysis for Material, Labor, and Overhead Variances

6-      Absorption Versus Direct Costing

  • Understand Implications for Unit Product or Service Costs of Fixed and Variable Cost Behaviors
  • Understand Difference between Absorption and Direct Costing Methods
  • Understand the Organizational Levels at Which Direct Costing May be Appropriate, and the Uses of Direct Costing Information
  • Recognize the Process and Requirements for Establishing a Direct Costing System

7-      Cost-Volume-Profit Analysis

  • Understand the Concept of Break-even Analysis in Units and in Dollars, and the Appropriate Use of Each
  • Understand the Implications of Operating Leverage
  • Understand Margin of Safety and Its Impact on Decisions to Add Fixed Costs or to Change Cost Structures
  • Understand the Use of Contribution Margin in “What-if” Analysis

8-      Relevant Costing and the Contribution Approach to Decision Making

  • Determine What Costs Are Considered Relevant in a Decision-making Process
  • Apply Relevant Costing to Evaluate Different Scenarios in Making Decisions
  • Understand Relevant Costs When Considering Accepting Business at a Special Price
  • Understand Relevant Costs When Considering Dropping a Product Line or Closing a Facility
  • Understand Relevant Costs When There Are Limiting Factors of Production

9-      Return on Investment Analysis

  • Understand, Calculate and Understand the Appropriate Use of ROI Analysis for Specific Projects

– Payback – WACC and Hurdle Rates – NPV – IRR

  • Understand, Calculate, and Appropriately Use ROI Analysis Related to Ongoing Businesses

– ROI – ROIC – ROA – RONA-ROCE – DuPont Formula – Residual Income (EVA)

  • Understand Internal Cash Management Ratios

– Cash Conversion Cycle
– Burn Rate
– Turn and Earn

102 Cost Accounting: The Extra Miles In The Milestone

102 Cost Accounting: The Extra Miles In The Milestone

Advanced Cost Accounting

Who Should Attend

CFOs, controllers, directors or managers of finance and other cost professionals with at least two years of experience, including accounting managers, budget analysts, systems analysts, plant managers, auditors and financial planners—as well as past attendees of Fundamentals of Cost Accounting.

Our Mutual Objectives

  • Learn How to Perform an ABC-Based Product and Customer Profitability Analysis
  • Effectively Allocate Factory and Corporate Overhead—and Prevent Over- or Under-Costing of Products
  • Perform Capacity Analysis to Ensure Effective Development of Plant-Wide Standards
  • Evaluate Variances to Identify the True Cause of Less Than Optimal Performance

Course Outlines

 

1-      The International Business Environment

  • Discuss the Strategic, Tactical, and Operational Aspects of Today’s Global Business Entity
  • Use the Organizational Planning Framework  to Develop Unique Business Models
  • See How the Changing Role of Cost Accounting in the Global Business Entity Applies to Your Organization
  • Understand How Cost Information Is Critical as a Decision Support Tool
  • Use the Product/Decision Cycle to Evaluate the Effectiveness of Your Current Cost Reporting System

2-      Evaluating Your Company’s Costing Techniques

  • Discuss the Responsibility Accounting Process
  • Understand the “Profit-Enhancement” Perspective: Looking Beyond Cost Savings
  • Identify the Challenges Facing a Multi-Product Company
  • Determine the Challenges Facing the Multinational Company
  • View Cost Accounting as a Value-Added Resource
  • Understand the Needs of the Internal Customer
  • Determine the Informational Needs of the Internal Customer

3-      Activity-Based Costing as an Effective Cost Accounting Tool

  • Discuss the Theory of Activity-Based Costing (ABC)
  • Use ABC as a Forecasting Tool
  • Define the “Process” as Used in ABC
  • Identify the Products of a Specific Process
  • Project Cost as a Product Rather Than an Entity
  • Define the Elements of Cost Including Activity, Resource, and Consumption Rates
  • Identify the Key Processes in the Conversion Cycle
  • Identify the Key Activities in Each Process
  • Identify the Resources Consumed as Each Activity Is Performed
  • Determine the Cost of Each Activity
  • Project the Cost of the Activity, Process, and Product
  • Define the Differences between ABC and GAAP
  • Integrate ABC Concepts into Traditional Cost Accounting Systems
  • Use ABC to Develop Cost Standards

4-      Developing Standards as a Tool for Valuation and Strategic Decision Support

  • Discuss the Nature and Purpose of Standards
  • Use Standards as a Process Management as Well as Financial Management Tool
  • Define Standards in a Manufacturing Environment
  • Define Standards in a Service Environment
  • Develop Standards for Tactical Planning: The Budget
  • Develop Standards for Strategic Planning: The Business Plan
  • Design Standards Development to Support Product Continuation Decisions
  • Establish Standards Development to Support New Product Introduction Decisions
  • Develop Standards Using ABC Concepts

5-      Variance Analysis as a Process Improvement Tool: Analyzing the True Causes of Product Cost Variances

  • Perform Variance Analysis
  • Calculate Material Price and Usage Variances
  • Calculate Material Mix and the Material Yield Variances
  • Calculate Labor Rate and Efficiency Variances
  • Calculate Labor Mix and Labor Yield Variances
  • Calculate Overhead Rate and Efficiency Variances
  • Calculate Sales Volume, Mix, and Price Variances
  • Calculate the Price Recovery Variance
  • Calculate the Productivity Variance
  • Calculate Market Share and Size Variance
  • Use Variance Analysis as an operational Analysis Tool

6-      Effective Determination of Joint- and By-Product Costs

  • Define Joint Products
  • Define By-Products
  • Determine the Split-Off Point
  • Identify Separable Costs
  • Determine the Cost Impact of Joint Products
  • Calculate the Proper Allocation of Joint Product Costs
  • Discuss the Cost Impact of By-Products
  • Analyze the Cost Impact of Scrap and Waste
  • Determine the Cos
  • the Impact of Rework

 

7-      Assigning Service Department Costs to Determine Total Product Cost

  • Define What Comprises Service Department Costs
  • Identify the Purpose for Allocation of Service Department Costs
  • Define the Strategic and Tactical Decisions Supported by Allocation of Service Department Costs
  • Develop Allocation Alternatives for Distribution of Service Department Costs Using

8-      Developing the Target Cost Model

  • Define Target Costing
  • Identify the Strategic and Tactical Applications of Target Costing
  • Define the Components of the Target Costing Model
  • Define Scarce Resources
  • Perform a Scarce Resource Analysis
  • Discuss the Application of Scarce Resource Analysis as an Integral Part of the Target Costing Model
  • Develop Standards Using Target Costing and Scarce Resource Analysis
  • Analyze Standards Using Target Costing and Scarce Resource Analysis

9-      Transfer Pricing and Product Cost Determination

  • Define Transfer Pricing
  • Identify the Tax Implications for Off-Shore Manufacturing
  • Discuss the Product Pricing Implications for Inter-Divisional Transfers of Sub-Components
  • Apply the Impact Of:
  • Communicate the Informational Requirements of the Cost Information System

10-  Cash Flow and Cost Accounting

  • Define Cash as the Fuel That Drives the Organization
  • Discuss the Difference between Cost and Cash
  • Determine the Impact of Cash Decisions on the Total Cost of the Production and Overhead Operations

11-  Capacity Analysis: Understanding the True Cost of Incremental Manufacturing

  • Define Capacity Analysis
  • Calculate the Impact of the Weighted Average Cost of Capital (WACC)
  • Develop the Capacity Analysis Model
  • Apply the Capacity Analysis Model
  • Use the Customer Profitability Model Concept to Support Other Decision Types

101 Controllers: The First Mile In The Milestone

101 Controllers: The First Mile In The Milestone

The Controller’s Role Nowadays

Who Should Attend

Newly appointed corporate controllers, division and plant controllers, assistant controllers and their staffs.

Our Mutual Objectives

  • Master Technical, Accounting, Automation, and Management Skills
  • Plan, Organize, and Work More Efficiently and Effectively
  • Anticipate Trends before They Become a Reality
  • Find Out How to Make a Far Greater Contribution to Your Organization’s Financial Policy

Course Outlines

1-      Overview of the Controller’s Job

  • See How a Controller Fits in Business
  • Understand Controllership Functions and Organization Relationships
  • Know the Elements Necessary for Success as a Controller
  • Understand the Controller’s Role in Management

2-      Leadership and the Controller’s Job

  • Understand the Corporate Planning Cycle
  • Comprehend the Controller’s Role in Strategic Planning
  • Understand Capital Expenditure Forecasting, Evaluation, and Control
  • Use Value-added Processes
  • Understand Cash Flow Forecasting
  • Understand Operating Forecasting
  • Know How to Evaluate Shareholder Expectations
  • Control and Administer Operating Budgets

3-      Technical Aspects of the Controller’s Job

  • Understand How to Establish an Effective Reporting System
  • Know How to Create Effective Reports
  • Identify the Different Types of Audits and Auditing Processes
  • Understand Accounting Controls and Procedures
  • Discuss Various Issues Facing Controllers Today

4-      Information Technology and the Controller’s Job

  • Understand Enterprise Resource Planning Systems (ERP)
  • Discuss Developments in Electronic Commerce (EC) and Business-to-Business (B2B) Trading
  • Work with Relational Databases and Accounting Systems
  • Use Information Security and Control
  • Understand Reengineering and Automation
  • Effectively Implement Information Systems

5-      Management and the Controller’s Job

  • Understand the Principles of Managing Up and Managing Down
  • Sell Ideas to Upper Management
  • Manage Priorities and Responsibilities
  • Understand Employee Training and Development
  • Communicate Effectively
  • Manage Your Time

102 Controllers: The Extra Miles In The Milestone

102 Controllers: The Extra Miles In The Milestone

Advanced Strategies for Controllers

Who should attend

Senior Controllers who seek to improve their skills

Our Mutual Objectives

  • Get the Techniques to Translate Corporate Strategies into Workable Budgets and Operational Plans
  • Step into an Important New Corporate Role: Growth Manager
  • Improve Decision Making in the Face of Uncertainty
  • Control Costs and Deploy Resources More Effectively
  • Become an Active Participant in Strategic Planning

 

Course Outlines

1-      Current Accounting Strategies

  • Understand Management Accounting
  • Analyze the Relationship of Management Accounting and GAAP Accounting
  • Develop and Learn the Flow Concept of Information
  • Review the Flows of Information in GAAP Accounting
  • Understand the Eleven Information Segments Required
  • Understand Accounting’s Position in Current Organizations
  • Understand the Changes in Approaches to A/P and A/R
  • Understand the Relationship of the Various Segments of Business to the Controller
  • Realize the Power Position of Information

2-      Information Flow Alternatives

  • Understand the Flow Control Related to the Procurement Function
  • Determine the Controller’s Relationship in Controls and Processes
  • Understand the Three Flows and Their Relationship to the GL Process
  • Learn the Use of EDI and EFT Processes
  • Discuss A/R and the Evolution to Control and Automation

3-      Information as a Corporate Resource

  • Understand the Role of Information in the Modern Organization
  • Learn the Evolution of Information Processes
  • Understand the Position of Information Resource Centers in the Organization
  • Understand the Use of Relational Database Techniques
  • Dynamic Planning, Forecasting and Budgeting
  • Develop the Process of Objective Setting and Relate That to Planning
  • Learn the Flow Process of Forecasting and Budgeting
  • Understand Approaches to the Budgeting Process
  • Understand the Process of Dynamic Use of Information
  • Understand Dynamic Planning, Forecasting, and Budgeting Using the Internet

4-      Delegation

  • Understand the Use of Statistics in Finance
  • Learn the Techniques Used in Statistics in Finance
  • Understand the Applications Best Suited for Statistical Techniques

5-      Future Controllership Strategies

  • Discuss Future Strategies for Controllership
  • Analyze the Changes in Information Strategies
  • Grasp the Implications of Change on the Controllership Function
  • Understand the Opportunities Provided by the Changes
  • Realize the Power Position of the Controllership Process
  • Consider Future Strategies in Relation to Current Operating Position

The Nuts & Bolts Of Internal Auditing

The Nuts & Bolts Of Internal Auditing

Effective Internal Auditing

Who Should Attend

Internal auditors with less than two years of auditing experience and as well as plant managers, controllers and financial managers, those who oversee the internal auditing function, new staff accountants and individuals responsible for safeguarding company assets.

Our Mutual Objectives

  • Internal Audit and the International Business Environment
  • Focusing the Investment in Internal Audit
  • Documenting and Evaluating Internal Control Systems
  • Audit Evidence and Audit Sampling
  • Selling Your Audit Recommendations to Management

Course Outlines

 

1-      Internal Auditing and the International Business Environment

  • Define Internal Auditing
  • Identify the Components of an Effective Internal Audit Function
  • Define Management Responsibilities of an Internal Audit Function
  • Discuss Effective Organizational Placement of a Successful Internal Audit Function
  • Discuss the Similarities and Differences Between Internal Auditing and External Auditing
  • Define the Various Types of Internal Audits

2-      The Road Map to Effective Internal Audits

  • Discuss the Principles of Effective Audits
  • Define Alpha and Beta Audit Risk
  • Perform Compliance, Substantive, and Operational Tests
  • Calculate Audit Risk
  • Define the Relationship Between the Internal and Control Environment and Audit Testing

3-      Focusing the Investment in Internal Audit

  • Relate the Concept of Internal Audit Strategies to the Audit Planning Process
  • Develop a Long-Term Audit Plan for the Internal Audit Department Using Internal Control-Based Risk Assessment
  • Design the Audit Plan and Prepare an Audit Planning Memorandum for an Individual Internal Audit Project Assignment

4-      Internal Controls and Internal Auditing

  • Discuss the Relationship Between Internal Controls and the Audit Process
  • Understand the Structure of Internal Control Systems
  • Explore the Risk-Control Continuum and Tolerable Deviation

5-      Documenting and Evaluating Internal Control Systems

  • Complete the Basic and Detailed Information Gathering Phase of the Audit Process (BIG & DIG)
  • Plan the Audit
  • Gather Background Information (BIG)
  • Understand the Work Process
  • Document the Work Process
  • Develop Process Flow Diagrams and Process Maps
  • Complete the Audit Internal Controls Documentation Matrix
  • Finalize the Audit Objectives

6-      Audit Evidence and Audit Sampling

  • Discuss the Basic Concepts of Audit Evidence, and Their Impact on the Development of Audit Work papers
  • Document Analytical Reviews
  • Test and Gather Audit Evidence
  • Complete and Document Compliance and Substantive Tests
  • Select the Appropriate Testing Method
  • Discuss Statistical Sampling Techniques
  • Determine the Objectives of the Sampling Plan
  • Develop the Sampling Plan
  • Apply Attribute Sampling Techniques
  • Extrapolate the Sample Results
  • Ensure That Audit Work papers Support Audit Conclusions and Recommendations

7-      Planning and Conducting Successful Audit Interviews

  • Plan Interviews
  • Discuss a Framework for Planning, Conducting and Evaluating the Results of Interviews
  • Overcome Resistance
  • Manage Conflict with Management
  • Listen Effectively
  • Talk Effectively in a Non-Threatening Environment
  • Get to “Yes”
  • Understand the Nature of Confidentiality of Information

8-      Selling Your Recommendations to Management

  • Develop Control-Based Audit Recommendations
  • Effectively Use Interim Audit Memorandum
  • Issue Audit Reports That Comply with Statements on Internal Auditing Standards No. 2
  • Provide the Reader of the Audit Report with the Necessary Information to Make an Informed Management Decision
  • Provide the Reader with a “Balanced” Audit Report
  • Structure the Audit Report to Be Used as an Effective Management Tool

How To Fix The Fixed Asset Accounting

How To Fix The Fixed Asset Accounting

Who Should Attend

Accountants, controllers, managers of fixed assets, divisional plant managers and all executives with two years or less of experience in fixed asset accounting.

Our Mutual Objectives

  • Gain a New Perspective on Rules, Regulations, and Tax Codes, as Well As Insurance Requirements
  • Understand Potential Tax Benefits You May Be Currently Overlooking
  • Review Requirements for your F/A Manual
  • Understand F/A Record Keeping, Systems, Current Packages, and Transitions from One System to Another and Identify
  • Explore and Identify F/A Property Controls
  • Review Latest Techniques of F/A Identification and Inventory-Taking in Context of Current Federal Laws
  • Learn How to Make F/A Management a Corporate Activity
  • Learn How You Can Determine F/A Utilization and Value
  • Understand Method of Accounting for Accumulated F/A Maintenance Costs
  • To Clearly Distinguish Between Real Personal Property
  • Consider More Answers to the Question About What Should or Could Be Expensed vs. Capitalized

Course Outlines

1-      Introduction

  • Define and Discuss Who the Stakeholders Are
  • Understand the Penalty for Not Reconciling Physical Assets with Perpetual Records
  • Understand How F/A Accounting Relates to Corporate Valuation

2-      Fixed Assets in Financial Statements

  • Understand GAAP
  • Understand the Various Methods of Depreciation and Related Rules
  • Realize That Leased Assets Must Be Accounted For

3-      Fixed Assets on Income Tax Returns

  • Understand the Tax Codes Affecting Fixed Assets
  • Understand What Special Tax Situations Are
  • Have a Better Chronological Perspective on Tax Legislation

4-      Fixed Assets on Property Tax Returns

  • Understand Ad Valorem Taxes
  • Realize Licenses Are a New Term for Taxation
  • Discover Potential Tax Savings, Previously Overlooked
  • Understand How to Classify and Distinguish Between Personal and/or Real Property

5-      Fixed Asset Records and Risk Management (Insurance)

  • Understand Risk Management Concerns
  • Understand the Difference Between Accounting Book Value and Replacement Costs
  • Understand What Is Needed from F/A Accounting to Substantiate an Insurance Loss

6-      Corporate Policy and the Property Accounting Manual

  • Understand the Requirements of an F/A Property Manual
  • Understand the Content of an F/A Property Manual
  • Understand a List of All Reference Materials and Related Documentation That Went into the Preparation of This Course and That Need to Be Provided for in an F/A Property Manual

7-      Record Keeping and Automated Reporting Systems (FAMS)

  • Understand Which Data Should Be Captured and for Whom
  • Understand the Variety of Possible F/A-Related Reports
  • Understand Aspects of Record Keeping, System Requirements, Software Features, and Database Considerations
  • Gain Insight into Vendor Concerns and Considerations
  • Be Aware of the Available Software and Who Is Using It

8-      Capturing Fixed Asset Data

  • Understand and Explore F/A Property Controls
  • Gain New Insights on How to Have People Become More Cooperative, Informing F/A Accounting about Adds, Deletes, and Moves
  • Understand the Features and Requirements of CIP
  • Understand CIP Data Reference Requirements
  • Understand CIP Disposition Codes and How to Handle Indirect Costs

9-      Property Controls

  • Appreciate How to Classify Assets
  • Understand What Assets Can Be Grouped or Pooled and What Assets Might Need to Be Kept Separate to Facilitate Control
  • Understand the Newest Ways to Tag and Physically Control Assets
  • Understand What Responsibility Accounting Means
  • Answer the Question: What Should or Could Be Expensed vs. What Could or Should Be Capitalized?

10-  Taking Inventories

  • Understand the Latest Techniques of F/A Identification and Inventory in the Context of Current Federal Laws
  • Understand How to Make F/A Management a Corporate Activity
  • Understand How to Determine F/A Unitization and Value (i.e., Condition Codes

Making Financial Analysis Work

Making Financial Analysis Work

Who Should Attend

Managers with financial responsibility or seeking a refresher in analysis—including financial analysts, accountants, project managers, budget analysts, vice presidents of finance, controllers and treasurers.

Our Mutual Objectives

  • Analyze Financial Statements
  • Apply Financial Analysis Methods and Tools to Measure Performance Against Internal and External Standards and Industry Benchmarks
  • Make Sound Decisions Based on Accurate Assessments of Business Performance and Results
  • Ask Better Questions to Gain a Clearer Understanding of the Business, and Focus Attention on Areas of Greatest Impact
  • More Effectively Manage Value in the Business

Course Outlines

1-      Your Role in Corporate Planning

  • Strategic planning
  • Capital budgeting
  • Financial forecasting

2-      How to Increase Company Value

  • Drivers of shareholder value creation
  • Economic Value-Added model

3-      How to Evaluate Capital Investment Proposals

  • How to use financial forecasting to make accurate evaluations of proposed projects
  • Income tax aspects of capital investments
  • Alternative investment proposals

4-      How to Measure Management Performance

  • Balance sheet analysis—DuPont formula, ROI, ROA, ROE
  • Evaluating profit margins, asset turnover (efficiency) and leverage
  • Income statement analysis—EPS, ROS
  • Past performance and project outcomes
  • Benchmarking company performance

5-      How to Use Cash Flow Analysis

  • Cash flow from operations, investing and financing
  • Ratios and metrics you can use
  • Identifying patterns of value
  • Interpreting FAS 95— “Statement of Cash Flows”
  • Cash flow performance indicators—profitability, liquidity and solvency

6-      How to Interpret and Evaluate Financial Information

  • Financial statement analysis
  • Managing capital—debt and equity
  • What a financial analyst looks for
  • Utilizing “Value Line” reports

7-      Capital Asset Pricing Model (CAPM): How to Calculate Present-Value

  • The time value of money
  • Internal rate of return (IRR)
  • Net present value (NPV)
  • Calculation of compound growth rate
  • Estimation, payback and terminal value
  • Discounted cash flow

Finance And Accounting for Administrative Professionals

Finance & Accounting For Administrative Professionals

Fundamentals of Finance and Accounting

Who Should Attend

Administrative assistants, secretaries, executive secretaries and other administrative professionals working with managers or executives who handle financial matters.

Our Mutual Objectives

  • Explain Basic Accounting Concepts, Terminology and Processes, and the Relevance to a Business Department
  • Explain the Components of an Annual Report
  • Analyze a Set of Financial Statements to Evaluate the Business’ Financial Health
  • Differentiate the Financing Options Available to a Business and Situations Where Each Might Be Used

Course Outlines

1-      Understanding the Key Financial Statements and Their Significance

  • State the Purpose of and the Interrelationship Among:

–          Income Statement

–            Balance Sheet

–            Retained Earnings Statement

–            Cash Flow Statement

  • Define the Key Components of Each Statement

2-      Understanding the Accounting Process

  • Define the Five Types of Accounts

–            Asset
–            Liability
–            Equity
–            Revenue
–            Expense

  • Explain the Accounting Process from Transaction Entry to Closing the Books
  • State the Significance of Double-Entry Accounting
  • Determine the Impact of Different Types of Transactions on the Accounting System

3-      Understanding the Components of an Annual Report and Auditor’s Role

  • Describe the Differences in Financial Reporting for Public, Private, Not-for-Profit, and Government Organizations
  • Differentiate Among the Different Types of Audits
  • State the Role of the External Auditor in the Financial Reporting Process
  • Evaluate the Different Sections in an Annual Report and Discuss the Significance of Each

 

 

 

4-      Evaluating an Organization’s Financial Statements

  • Discuss the Varying Reasons for Statement Analysis and Their Impact on the Process
  • Calculate Commonly Used Financial Ratios
  • Evaluate the Financial Health of a Business in the Areas of Liquidity, Leverage and Profitability

5-      Financing the Business

  • Discuss the Role of Leveraging in Improving Return to the Shareholders
  • Discuss the Role of Short-Term Financing in Meeting an Organization’s Financial Needs
  • Differentiate Between the Various Long-Term Financing Alternatives and Understand Their Impact on the Business
  • Identify Appropriate Financing Alternatives for Different Types of Business Needs

6-      Budgeting More Effectively

  • Explain the Purpose of a Budgeting System and Provide an Overview of the Entire Process
  • Differentiate Among Commonly Used Budgeting Systems
  • Budget for Common Expense Categories
  • Analyze Budget Variances as to Their Significance and Cause
  • Budget for Special Events and Projects

Finance And Accounting for Nonfinancial Managers

Finance & Accounting for Nonfinancial Managers

Who Should Attend

This program is designed for nonfinancial managers in every functional area of responsibility in all industries.

Our Mutual Objectives

  • Make Better Bottom-Line Decisions with a Working Knowledge of the Numbers End of Business
  • Gain a New Sense of Confidence When Dealing with Financial Professionals
  • Expand Your Professional Expertise…Add Value to Your Future Career
  • Understand the Business Dynamics of Dollars and Cents—and Take Initiatives That Optimize Results in Line with Short- and Long-term Goals
  • Take the Guesswork Out of Your Decision Making and Deliver the Results You Need
  • Cultivate Proactive Working Relationships with Financial Professionals and Enhance Your Value to the Organization
  • Learn How to “Think Finance” and Translate Various Measures of Performance into Financial Terms

 

Course Outline

1-      Basic Accounting Concepts

  • The Importance of the Accounting Equation
  • The Significance of Generally Accepted Accounting Principles (GAAP)
  • The Accrual Process
  • The Difference Between Accounting Profit and Cash Flow

2-      Understanding Financial Statements

  • Understand the Purpose of and Terminology Associated with the Following Financial Statements:
    — Income Statement or Profit and Loss Statement (P&L) – Balance Sheet – Statement of Retained Earnings – Cash Flow Statement
  • Prepare a Set of Simple Financial Statements
  • Understand the Accounting Process, from the Recording of Business Transactions to the Preparation of Financial Statements
  • Understand How Various Business Transactions Affect the Financial Statements

3-      Reviewing an Annual Report

  • Understand the Various Components of an Annual Report
  • Understand the Importance of Notes in Evaluating Financial Statements
  • Understand the External Auditor’s Role and the Significance of the Opinion Letter

 

4-      Evaluating a Company’s Financial Statements

  • Calculate the Key Financial Ratios Using the Financial Statements
  • §Use Financial Ratios to Evaluate:

— An Organization’s Liquidity, Leverage and Profitability

— The Performance of an Organization as Compared to Its Competitors’

— An Organization’s Performance Compared with Budgeted Goals

  • Identify Sources of Financial Information beyond the Financial Statements
  • Use the DuPont Formula to Evaluate Management Performance
  • Use the Concept of Economic Value Added (EVA) and Cash Flow Return on Investment (CFROI) to Determine if a Segment of an Organization Is Adding Value to the Business

5-      Improving Profitability through Cost Analysis and Profit Planning

  • Differentiate between Fixed and Variable Costs
  • Help Your Organization Improve Profitability through the Use Of:
  • Break-even Analysis / Contribution Margin Analysis / Direct Costing in Appropriate Situations
  • Understand Traditional Cost Accounting and Its Limitations
  • Understand the Relevance of Activity-Based Costing in Today’s Business Environment

6-      Capital Expenditure Analysis

  • Distinguish between Capital Expenditure Budgets and Operating Budgets and Understand the Function of the Capital Budget
  • Understand Why Cash Has a Time Value
  • Recognize and Apply Different Methods of Evaluating Capital Expenditure and Monitoring Project Performance

7-      Budgeting More Effectively

  • Understand the Role of Budgeting and Issues That Budgets Can Solve
  • Understand the Budgeting Process
  • Identify Different Types of Budgeting Systems in Use Today
  • Analyze Budgets for Different Purposes
  • Recognize and Apply Different Methods of Evaluating and Monitoring Operating Performance

Accounting Concrete For Business Elite

Accounting Concrete For Business Elite

Accounting Basics

Who Should Attend

Managers and supervisors who do not work in accounting, but who need to know how basic accounting works; anyone who has recently assumed accounting responsibilities.

Learning Objectives

  • Make More Informed Decisions and Save Your Company Money
  • Reduce Costly Errors Caused by Misunderstanding of Reports
  • Understand How and When Sales and Expenses Are Recorded and Impact the Bottom Line
  • Control How Results of Your Operation Are Reported
  • Evaluate the Financial Results of Another Division or Company

Course Outlines

1-      Introduction to Accounting

  • The Definition of Accounting
  • The History of Accounting
  • The Difference between Accounting and Finance
  • The Different Types of Accounting
  • The Difference between Financial Accounting and Management Accounting
  • Basic Concepts of Cost Accounting
  • Book Accounting vs. Tax Accounting
  • The Financial Objectives of Organizations

2-      Accounting Theory

  • Organizations That Influence Financial Accounting
  • Generally Accepted Accounting Principles (GAAP)
  • Accounting Rule-Making Bodies Around the World
  • Accounting Concepts, Principles, and Bases
  • Role of the Financial Accounting Standards Board (FASB)

3-      Accounting Structure and Terminology

  • Economic Events
  • Major Types of Accounts
  • How Account Balances Are Measured
  • The Uniform System of Accounts (Chart of Accounts)
  • Double-Entry Accounting
  • Debits and Credits
  • The Accounting Equation
  • T-Accounts
  • Balancing the Accounts

 

4-      The Accounting Cycle

  • The Accounting Cycle
  • The Elements of the Basic Accounting Cycle
  • Business Documents
  • Journals and Journal Entries
  • Ledgers and Posting to the Ledgers
  • The Trial Balance
  • The Work Sheet
  • Adjusting Entries and Closing Entries

5-      Financial Statements

  • Periodic Reporting and the Reporting Year
  • The Four Major Financial Statements
  • The Purpose of Financial Statements
  • The Structure and Form of Financial Statements
  • The Income Statement
  • The Balance Sheet
  • The Statement of Retained Earnings
  • The State of Cash Flows

6-      Accounts with Special Rules

  • Multiple Entry Transactions
  • Asset Capitalization
  • Fixed Assets and Depreciation
  • Amortization of Intangibles
  • Prepaid Expenses
  • Accounts Receivable
  • Bad Debts
  • Revenue Recognition
  • Inventory
  • Marketable Securities
  • Leases
  • Reserves and Accruals

7-      Evaluating Financial Statements

  • Financial Statements
  • Key Financial Ratios
  • Liquidity Ratios , Leverage Ratios and Profitability Ratios
  • Weighted Average Cost of Capital (WACC)
  • Economic Profit

8-      Future Trends in Accounting

  • New Directions in Accounting
  • Financial Information Systems
  • The Various Tools and How They Are Used
  • The Buzzwords Currently Influencing the Profession
  • Creative Accounting
  • The Future of Accounting and Its Place in the 21st Century

The Essentials of Budgeting

The Essentials of Budgeting

Who Should Attend

Every manager with budget responsibilities who is interested in developing or improving their budget planning skills.

Our Mutual Objectives

  • Define Planning and Its Purpose within Your Organization
  • Describe the Planning and Budgeting Cycle
  • Explain the Strategic Planning Process
  • Perform a Strategic Analysis of Your External and Internal Environment
  • Describe the Budgeting Cycle and the Major Elements of the Annual Business Plan
  • Explain the Different Types of Budget Preparation Methods and Identify the Most Appropriate One for Your Organization
  • Describe and Perform the Basic Steps in Preparing an Operating Budget
  • Prepare a Departmental Spending Budget
  • Prepare a Capital Budget and Justify Your Capital Expenditures
  • Identify Opportunities for Cost Reduction
  • Manage the Review and Approval Process More Effectively
  • Manage Departmental Performance against Your Budget

 

Course Outlines

1-      Understanding the Planning and Budgeting Cycle

  • Define Planning and Its Relationship to the Budgeting Process
  • Explain Why Companies Budget
  • Describe the Planning Cycle in a Typical Organization

2-      Tying Strategic Planning to the Budgeting Process

  • Explain the Strategic Planning Process
  • Identify the Strategic Decisions That Can Be Made at Your Management Level
  • Explain How Strategic Analysis Is Related to the Planning and Budgeting Process
  • Perform a Strategic Analysis of the Internal and External Environment

3-      Understanding the Budget Preparation Process

  • Describe the Typical Flow of the Budgeting Cycle in an Organization
  • Identify the Major Contents of the Annual Business Plan
  • Explain the Different Types of Budgets, Their Purpose, and Limitations
  • Explain the Relationship between Budgets and Forecasts
  • Identify Ways to Improve the Budgeting Process in Your Organization

4-      How to Prepare an Operating Budget

  • Explain the Sequence of Steps in Preparing an Operating Budget
  • Prepare a Sales and Cost-of-Sales Budget
  • Calculate Labor Hours Available and Use This Figure to Plan Headcount
  • Calculate Budgeted Overhead Rates
  • Budget Labor, Materials, and Overhead Costs in Total and Per Unit
  • Explain How to Budget Operating Expenses

5-      How to Prepare Your Departmental Budget

  • Prepare a Departmental Spending Budget
  • Budget Expenses More Accurately
  • Prepare a Capital Budget
  • Justify Capital Expenditures

6-      Getting Your Budget Approved

  • Explain How the Review Process Works
  • Manage the Review Process More Effectively
  • Prepare Contingency Plans
  • Explain Behavioral Consequences of the Budgeting Process
  • Identify the “Fat” in Your Budget

7-      Measuring Performance Against the Budget

  • Identify Significant Variances
  • Analyze Budget Variances
  • Describe the Characteristics of a Good Budget Reporting System
  • Determine When a Budget Should Be Revised during the Year

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