Significance of Management Accounting and its Activities_ Planning, Control and Decision Making

Significance of Management Accounting and its Activities:  Planning, Control and Decision Making

Introduction: 

This course is introduced to you by the International Academy of Human Resource Development (IAHRD). IAHRD is offering  the' Significance of Management Accounting and its Activities:  Planning, Control and Decision Making' Course which is specially designed for you. It is modeled after professionals in the field of accounting and decision making to make you receive the highest quality materials.

The syllabus will introduce you to the role of effective accounting management in organisations. You will also be introduced to significant concepts in management accounting, financial management nature, short and long term analysis and many other critical topics in the world of business. As usual , never forget that we'll guide you to the right track and always be there for you!

Objectives: 

By the end of the course, participants are expected to:

1. Develop a better understanding of  important concepts in management accounting.
2. Analyse and establish frameworks, to use them in formulation and appraisal of accounting concepts, strategies and policies.
3. Be willing to apply these approaches  in different business situations, especially the critical ones.
4. Distinguish between the functions of financial management and the other functions in the organization and how do they overlap.
5. Clarify the financial management nature as well as some basic accounting principles.
6. Analyse the financial environment of various organizations.
7. Interpret and make right short and long term Investment decisions, as well as  internal and external financial reports.

Contents: 

Module 1:

1. The nature of accounting.
2. The differences between financial and managerial accounting.
3. The desirable characteristics of accounting information.
4. The principles of effective financial management.
5. The differences between accounting and financial management in the private sector and public sector.
6. The background to the preparation of the key financial accounting statements.
7. The structure and content of three primary financial statements.
8. The balance sheet.
9. The statement of financial performance (which is either a profit and loss account for a private sector activity or an operating statement for public sector Organisations).
10. The Cash-Flow statement.
11. The Legal and Quasi-Legal background to financial reporting.
12. The role of external audit in relation to annual financial reports.

Module 2: 

1. Short-Term decisions are mainly concerned with making the most cost-effective and profitable use of existing resources.
2. The meaning of “Avoidable Cost” and “Attributable” cost.
3. The basic techniques of cost estimation.
4. The use of Cost-Volume-Profit charts in order to determine Break-Even activity levels, profit and contribution.
5. The attributes of ABC Costing For Activity-Based (Cost) Management.
6. The uses and limitations of cost information for determining and reviewing prices.

Module 3:

1. Budgeting: Financial budgets and forecasts.
2. Steps of proper budgeting assumptions.
3. Data collection.
4. Budget formulation: Budget procedure.
5. Types of budgets.
6. Different kinds of budgeting methods,(E.g. zero based, activity based).
7. How to develop a budgeting methodology.
8. How to evaluate the output from budget preparation.
9. Budgetary control.
10. Budget follow-up and reports: Performance review.
11. Variance determination.
12. Revisions of budgets and forecast.

Who Should Attend? 

• Managers with direct accounting responsibilities
• Cost and management accountants who seek proficiency.
• Senior Managers who supervise employees with financial responsibilities.
• Finance and Budget Controllers who want to develop their careers to have higher positions with wider responsibilities.
• Managers or specialists who have to plan for and budget new business ventures.
• Supervisors from different departments who want to increase their efficiency and affectivity.
• Managers who want to stop repeating themselves ,so they're looking for new ideas and methods.
• Accountants , Cost Analysts, Budget Analysts,Systems Analysts, Auditors And Financial Planners.