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Course Details

Budgeting: The Comprehensive Guide - Fourth Edition (Course Id 659)

Updated / QAS / Registry   Add to Cart 
Author : Steven Bragg, CPA
Status : Production
CPE Credits : 14.0
IRS Credits : 0
Price : $117.95
Passing Score : 70%
Primary Subject-Field Of Study:

Finance - Management for Course Id 659

Description :

Budgeting: The Comprehensive Guide shows how to create a budget, whether there are variations on the traditional budgeting concept that may work better, and how to operate without any budget at all. The discussion also covers capital budgeting, flexible budgeting, zero-base budgeting, and all of the procedures, controls, and reports needed for a functioning budget system.

Usage Rank : 0
Release : 2017
Version : 1.0
Prerequisites : None.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : Self-Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 04-Jul-2017
NASBA Course Declaration : Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.
Approved Audience :

NASBA QAS - NASBA Registry - 659

Keywords : Finance, Budgeting, Comprehensive, Guide, Fourth, Edition, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

  • Note the advantages and disadvantages of budgeting.
  • Note the areas within an organization where there is a bureaucracy supporting the use of budgeting.
  • Identify the components of cost-volume-profit analysis, and how it can be used.
  • State the types of budgets that are included in the system of budgets.
  • Recognize the operating decisions that can impact the system of budgets.
  • Cite the sources of information for the revenue budget, and note how this budget is used.
  • Note how different decisions can impact the amount of finished goods inventory on hand.
  • Identify how the production budget is compiled, and the issues to consider when constructing it.
  • Note how the direct materials budget is compiled.
  • Identify the components of the direct labor budget, and how it is compiled.
  • Cite the line items used in the manufacturing overhead budget, and the nature of these costs.
  • State the sources of the cost of goods sold budget, and the reasons for changes in the expense.
  • Identify the sales and marketing activities that can affect revenue, as well as the methods used to compile and present the sales and marketing budget.
  • Note how the research and development budget is derived, as well as how to review the budget for effectiveness.
  • Cite the line items usually found in the administration budget.
  • Identify the methods used to review capital budgeting proposals.
  • Note the uses to which a headcount budget is put, and whether bonuses should be included in the budget.
  • State the components of the master budget, and the factors impacting budgeted asset and liability levels.
  • Identify the line items used in a nonprofit budget.
  • Cite the advantages and disadvantages of flexible budgeting.
  • Identify the situations in which costs can vary, and when they are more likely to be fixed.
  • State the nature of zero-base budgets and the process for using them, as well as the nature of conditional budgeting.
  • Note the role of management in an environment where there is no budget.
  • Note the focus of a rolling forecast, and the nature of a continuous budget.
  • Identify the procedural steps needed to create a budget, including those steps needed to prevent budget slippage and calculation errors.
  • Cite the methods available for improving the efficiency of the budgeting process, and of the budget model.
  • State the variances that can be used to compare a budget to actual results.
  • Identify the controls that can accompany a budgeting process, and what they are intended to accomplish.

Chapter 1
Introduction to Budgeting

Note the advantages and disadvantages of budgeting. Also, note the areas within an organization where there is a bureaucracy supporting the use of budgeting.

Chapter 2
Cost-Volume-Profit Analysis

Identify the components of cost-volume-profit analysis, and how it can be used.

Chapter 3
The System of Budgets

State the types of budgets that are included in the system of budgets. Also, recognize the operating decisions that can impact the system of budgets.

Chapter 4
The Revenue Budget

Cite the sources of information for the revenue budget, and note how this budget is used.

Chapter 5
The Ending Finished Goods Inventory Budget

Note how different decisions can impact the amount of finished goods inventory on hand.

Chapter 6
The Production Budget

Identify how the production budget is compiled, and the issues to consider when constructing it.

Chapter 7
The Direct Materials Budget

Note how the direct materials budget is compiled.

Chapter 8
The Direct Labor Budget

Identify the components of the direct labor budget, and how it is compiled.

Chapter 9
The Manufacturing Overhead Budget

Cite the line items used in the manufacturing overhead budget, and the nature of these costs.

Chapter 10
The Cost of Goods Sold Budget

State the sources of the cost of goods sold budget, and the reasons for changes in the expense.

Chapter 11
The Sales and Marketing Budget

Identify the sales and marketing activities that can affect revenue, as well as the methods used to compile and present the sales and marketing budget.

Chapter 12
The Research and Development Budget

Note how the research and development budget is derived, as well as how to review the budget for effectiveness.

Chapter 13
The Administration Budget

Cite the line items usually found in the administration budget.

Chapter 14
The Capital Budget

Identify the methods used to review capital budgeting proposals.

Chapter 15
The Compensation Budget

Note the uses to which a headcount budget is put, and whether bonuses should be included in the budget.

Chapter 16
The Master Budget

State the components of the master budget, and the factors impacting budgeted asset and liability levels.

Chapter 17
Nonprofit Budgeting

Identify the line items used in a nonprofit budget.

Chapter 18
Flexible Budgeting

Cite the advantages and disadvantages of flexible budgeting.

Chapter 19
Cost Variability

Identify the situations in which costs can vary, and when they are more likely to be fixed.

Chapter 20
The Zero-Base Budget

State the nature of zero-base budgets and the process for using them, as well as the nature of conditional budgeting.

Chapter 21
Operating without a Budget

Note the role of management in an environment where there is no budget.

Chapter 22
The Rolling Forecast

Note the focus of a rolling forecast, and the nature of a continuous budget.

Chapter 23
Budgeting Procedures

Identify the procedural steps needed to create a budget, including those steps needed to prevent budget slippage and calculation errors.

Chapter 24
Budgeting Efficiencies

Cite the methods available for improving the efficiency of the budgeting process, and of the budget model.

Chapter 25
Budget Reporting

State the variances that can be used to compare a budget to actual results.

Chapter 26
Budgeting Controls

Identify the controls that can accompany a budgeting process, and what they are intended to accomplish.
Course Contents :

Chapter 1 - Introduction to Budgeting

The Advantages of Budgeting

The Disadvantages of Budgeting

Capital Budgeting Problems

The Command and Control System

Behavioral Impacts

Bureaucratic Support

Information Sharing

Chapter 2 - Cost-Volume-Profit Analysis

Contribution Margin

Contribution Margin Income Statement

Breakeven Point

Margin of Safety

Cost-Volume-Profit Analysis

Sales Mix

Chapter 3 - The System of Budgets

The System of Budgets

Operating Decisions Impacting the System of Budgets

The Reasons for Budget Iterations

The Number of Budget Scenarios

Chapter 4 - The Revenue Budget

Overview of the Revenue Budget

The Detailed Revenue Budget

Responsibility for Revenue Information

Sources of Revenue Information

The Impact of Pacing on the Revenue Budget

The Inherent Variability of the Revenue Budget

Chapter 5 - The Ending Finished Goods Inventory Budget

Ending Inventory Assumptions

Impact of Changes in Ending Inventory

The Ending Finished Goods Inventory Budget

Chapter 6 - The Production Budget

The Production Budget

Other Production Budget Issues

Budgeting for Multiple Products

Chapter 7 - The Direct Materials Budget

The Direct Materials Budget (Roll up Method)

The Direct Materials Budget (Historical Method)

The Direct Materials Budget (80/20 Method)

Anomalies in the Direct Materials Budget

The Role of the Direct Materials Budget

Chapter 8 - The Direct Labor Budget

The Direct Labor Budget (Traditional Method)

The Direct Labor Budget (Crewing Method)

The Direct Labor Budget for Manufacturing Cells

The Cost of Direct Labor

Anomalies in the Direct Labor Budget

Chapter 9 - The Manufacturing Overhead Budget

The Manufacturing Overhead Budget

Overhead Allocation between Periods

Additional Issues

Chapter 10 - The Cost of Goods Sold Budget

The Cost of Goods Sold Budget

Chapter 11 - The Sales and Marketing Budget

Types and Timing of Sales and Marketing Expenses

Structure of the Sales and Marketing Budget

Sources of Sales and Marketing Expense Information

Analysis of the Sales and Marketing Budget

Diminishing Returns Analysis

Sales and Marketing Pacing

The Impact of Bottlenecks on the Sales and Marketing Budget

Sales and Marketing Metrics

Chapter 12 - The Research and Development Budget

General Funding for Research and Development

Research and Development Funding Decisions

Expected Commercial Value

Project Risk

Project Selection Issues

The Project Failure Rate

Structure of the Research and Development Budget

Ongoing Project Analysis

Research and Development Measurements

Treatment of Cancelled Projects

Chapter 13 - The Administration Budget

The Administration Budget

Cost Variability in the Administration Budget

Allocation of Administration Expenses

Service-Based Costing

Chapter 14 - The Capital Budget

Overview of Capital Budgeting

Capacity Expansion Strategy

Capacity Reduction Strategy

Risk Levels

Additional Risk Factors for International Investments

Bottleneck Analysis

Net Present Value Analysis

The Payback Method

Capital Budget Proposal Analysis

The Outsourcing Decision

The Capital Budgeting Application Form

The Post Installation Review

The Lease versus Buy Decision

Capital Budgeting with Minimal Cash

Chapter 15 - The Compensation Budget

The Compensation Budget

The Treatment of Hourly Pay and Overtime

The Benefits Budget

The Headcount Budget

The Link between Budgets and Bonus Compensation

Chapter 16 - The Master Budget

The Budgeted Income Statement

Components of the Budgeted Balance Sheet

Accounts Receivable

Inventory

Fixed Assets

The Financing Budget

The Budgeted Balance Sheet

Accompanying Documentation

Chapter 17 - Nonprofit Budgeting

The Revenue Budget

The Management and Administration Budget

The Fundraising Budget

Program and Grant Budgets

Chapter 18 - Flexible Budgeting

The Flexible Budget

The Flexible Budget Variance

Advantages of Flexible Budgeting

Disadvantages of Flexible Budgeting

Chapter 19 - Cost Variability

Mixed Costs

Labor-Based Fixed Costs

Costs Based on Purchase Quantities

Costs Based on Production Batch Sizing

Cost Based on Step Costs

Time-Based Costs

Experience-Based Costs

Incorporating Cost Variability into Reports

Chapter 20 - The Zero-Base Budget

Incremental Budgeting

Overview of Zero-Base Budgeting

The Zero-Base Budgeting Process

Step 1 - Develop Decision Packages

Step 2 - Rank Decision Packages

Advantages of Zero-Base Budgeting

Problems with Zero-Base Budgeting

Conditional Budgeting

Chapter 21 - Operating without a Budget

Alternatives to the Budget

Forecasting without a Budget

Capital Budgeting

Goal Setting without a Budget

Strategy without a Budget

Management Guidelines

The Role of Senior Management

Corporate Staff Roles

Board Approvals

Compensation without a Budget

Controls without a Budget

Behavioral Norms

Profit Knowledge

Information Exchange

Hiring, Promotions, and Continuity

Customer Ownership

Service Center Pricing

Accounting Reports

Transfer Pricing

Investor Relations

Implementation of the No-Budget Environment

Chapter 22 - The Rolling Forecast

The Rolling Forecast Process

The Rolling Forecast Format

Continuous Budgeting

Chapter 23 - Budgeting Procedures

Procedure Formulation of the Budget

Procedure Issue Budget Variance Reports

Procedure Subsequent Account Changes

Chapter 24 - Budgeting Efficiencies

Budget Model Efficiencies

Spreadsheet Error Checking

Verification Opportunities

Simplification Opportunities

Simplification over Time

Budgeting Process Efficiencies

Participative Budgeting

Chapter 25 - Budget Reporting

General Reporting Format

Revenue Reporting

Selling Price Variance

Sales Volume Variance

Overview of Cost of Goods Sold Variance Reporting

The Purchase Price Variance

Material Yield Variance

Labor Rate Variance

Labor Efficiency Variance

Variable Overhead Spending Variance

Variable Overhead Efficiency Variance

Fixed Overhead Spending Variance

Problems with Variance Analysis

Which Variances to Report

How to Report Variances

Chapter 26 - Budgeting Controls

Budget Creation Controls

Budget Integration Controls

Appendix - Sample Budget

Glossary

Finance Course 659 Home: https://www.cpethink.com/cpe-for-cpas
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