Advanced Financial Accounting for Non-Accountants

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HRODC Postgraduate Training Institute, A Postgraduate-Only Institution

Comments about Advanced Financial Accounting for Non-Accountants - At the institution - London - Greater London

• Objectives
  Having completed this seminar you should be able to:
  
  - Understand strategic planning and decision-making framework
  
  - Provide a strategic view of the business environment
  
  - Understand and explain the nature and role of financial statements and their interpretation
  
  
  - Understand accounting and finance terminology and use the necessary accounting and financial jargon to communicate effectively with the financial professionals
  
  - Review the financial performance and financial position of an organisation using the appropriate financial means including trend analysis, industry and index analyses, ratio and break-even analysis techniques
  
  
  - Develop operating and resource budgets
  
  
  - Develop profit and cash flow budgets using traditional and activity based methods
  
  
  - Assess the risk and uncertainty associated with alternative outcomes
  
  
  - Use budgetary control to compare actual against planned performance and to identify corrective actions
  
  
  - Evaluate investments in capital and long-term projects using PB, ARR, NPV and IRR appraisal methods
  
  
  - Identify the features of the alternative sources of business financing
  
  
  - Appreciate the important role of strategic accounting in business performance improvement.
• Practical experience
  Use of Video Cases; Written Cases; Simulations and Industrial Visits.
• Entry requirements
  1st Degree of Equivalent Qualification
• Academic title
  Diploma - Postgraduate in Advanced Financial Accounting
• Course description
  
  PROGRAMME OUTLINE
  
  
  DAY 1 – Management and Cost Management Fundamentals: A Review of Key Cost Concepts
  
  The accountant’s role in the organization
  
  An introduction to cost terms and purposes
  
  The use of cost management information
  
  Creating cost-aware organizations
  
  Review of some key cost concepts
  
  Product vs. Period costs
  
  Direct and Indirect Costs
  
  Cost behaviour: Fixed and Variable Costs
  
  Problems and Examples
  
   
  
  DAY 2 – Different Approaches to Costing: Part 1
  
  Absorption (Full) vs. Variable costing
  
  Under-costing and over-costing: the consequences for profitability
  
  How to refine a costing system?
  
  Activity-based costing (ABC) and cost-management
  
  Cost hierarchy & Cost drivers
  
  Linking resources, activities and management
  
  Introducing Activity-based management (ABM)
  
  Linkages between ABM and ABC – monitoring value creation
  
  Problems, Case Study and Examples
  
   
  
  DAY 3 – Different Approaches to Costing: Part 2
  
  Job-costing systems
  
  Process costing systems
  
  Cost allocation
  
  Cost allocation: joint-cost situation
  
  Transfer pricing
  
  Problems, Case Study and Exercises
  
   
  
  DAY 4 – Different Approaches to Budgeting
  
  Fixed and flexed budget (static and flexible budget)
  
  Rolling budget
  
  Zero based budgeting
  
  Activity based budgeting
  
  Master budget
  
  From costing to budget: interpreting variances (variance analysis)
  
  Integrate continuous improvement into variance analysis.
  
  Problems, Case Study and Exercises
  
   
  
  DAY 5 – Cost Planning and Pricing Decisions: Life-Cycle-Costing, Target costing and Target Pricing
  
  Linking process development to costing
  
  Target costing, target pricing and its implications
  
  The three major influences on pricing decisions
  
  Distinguish between cost incurrence and locked-in costs
  
  Cost plus approach to pricing
  
  Life cycle product budgeting and costing to assist in pricing decision
  
  Problems, Case study and Example
  

  
  

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