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Management Accounting Fundamentals

 
Course Objectives

The objectives of the course are to

  • Explain the basic principles of Budgeting
  • Provide participants with an understanding of the aspects of Financial Decision making
  • Following completion of the two-day Programme, participants will be able to 
  • Communicate the Budget to colleagues and explain the importance of Budget targets
  • Provide effective  input to Financial Decision Making within their organisations
  • Engage in discussions with financial colleagues to drive performance initiatives.
  • Understand and contribute to their in-company budgeting process

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    Target Audience

    This course is suitable for anyone that wants to understand the language of Finance and wants to contribute to financial decision making within their organisation.

    Course Content

    Introduction to Management Accounting

  • Cost Volume Profit Analysis
  • Overhead Allocation Methods

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    Costing of Overheads

  • Standard Costing
  • Activity Based Costing

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    The Budgeting Process

  • The Budgeting Cycle
  • Allocation Exercise
  • Overhead Recovery Exercise
  • Direct Product Profitability Exercise
  • Customer Account Profitability Exercise

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    Investment Appraisal Methods

  • Payback
  • Net Present Value (NPV)
  • Internal Rate of return (IRR)

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    Performance Analysis

  • Principles of Variance Analysis
  • Variance Analysis Example
  • Total Materials Variance
  • Price Variance (PPV) Exercise
  • Usage Variance (Yield and MUV) Exercise
  • Total Direct Wages Variance
  • Rate Variance Exercise
  • Efficiency Variance Exercise