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Course Details

Modern Budgeting for Profit Planning and Control - v06 (Course Id 1352)

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Author : Jae K. Shim, Ph.D., CPA
Status : Production
CPE Credits : 11.5
IRS Credits : 0
Price : $101.95
Passing Score : 70%
NASBA Technical: Yes
Primary Subject-Field Of Study:

Finance - Finance for Course Id 1352

Description :

The course is intended for business professionals engaged in budgeting, financial planning, forecasting, profit planning, and control. A budget is the formal expression of plans, goals, and objectives of management that covers all aspects of operations for a designated time period. The budget is a tool providing targets and direction. Budgets provide control over the immediate environment, help to master the financial aspects of the job and department, and solve problems before they occur. Budgets focus on the importance of evaluating alternative actions before decisions are actually implemented. This course explains what budgets are, how they work, how to prepare and present them, and how to analyze budget figures and results. The new development and use of budgets such as rolling budgets at various managerial levels within a business are illustrated, along with active financial planning software and e-budgeting that combine budgeting, forecasting analytics, business intelligence, and collaboration.

Usage Rank : 0
Release : 2016
Version : 1.0
Prerequisites : Basic Accounting.
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 : 26-Mar-2018
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 - 1352

Keywords : Finance, Modern, Budgeting, Profit, Planning, Control, v06, cpe, cpa, online course
Learning Objectives :

Chapter 1
The What and Why of Budgeting

After studying this chapter, you will be able to:
  • Recognize the different types of budgets
  • Identify characteristics and advantages of budgeting

Chapter 2
Strategic Planning and Budgeting

After studying this chapter, you will be able to:
  • Recognize how strategic planning and budgeting are linked together
  • Identify certain budget measurements
  • Distinguish between short-term and long-term plans

Chapter 3
Profit Planning: Targeting and Reaching Achievable Goals

After studying this chapter, you will be able to:
  • Identify objectives of profit planning
  • Recognize metrics in the profit plan

Chapter 4
Administering the Budget: Reports, Analyses, and Evaluations

After studying this chapter, you will be able to:
  • Recognize the major types of budget reports
  • Identify the components of the budget sheet

Chapter 5
Cost Behavior: Emphasis On Flexible Budgets and Contribution Margin

After studying this chapter, you will be able to:
  • Identify examples of variable costs, fixed costs, and mixed costs
  • Recognize two methods of developing a flexible budget formula: the high-low method and regression analysis
  • Calculate fixed costs and overheard costs

Chapter 6
Responsibility Accounting and Reporting To Management

After studying this chapter, you will be able to:
  • Distinguish among three types of responsibility centers.
  • Identify weaknesses of many cost systems

Chapter 7
Master Budget: Genesis of Forecasting and Profit Planning

After studying this chapter, you will be able to:
  • Identify examples of financial budgets
  • Recognize components of overhead

Chapter 8
Using Variance Analysis to Evaluate Performance

After studying this chapter, you will be able to:
  • Recognize the purpose and causes of variance analysis
  • Recognize where certain variances arise
  • Identify the value of performance reports

Chapter 9
Budgeting Sales and Sales Forecasts

After studying this chapter, you will be able to:
  • Identify the importance of a reasonable sales budget
  • Differentiate between sales planning and sale forecast

Chapter 10
Budgeting Manufacturing Costs

After studying this chapter, you will be able to:
  • Recognize fixed vs. semi-variable vs variable costs
  • Understand the applicability of static budgets
  • Recognize how the flexible budget formula help develop the factory overhead budget

Chapter 11
Budgeting for Sales, Advertising, and Distribution Expenses

After studying this chapter, you will be able to:
  • Recognize the procedures for developing advertising budgets and some characteristics of the advertising budget
  • Identify some methods of calculating advertising budgets

Chapter 12
Budgeting General and Administrative Expenses and R&D Costs

After studying this chapter, you will be able to:
  • Recognize items included in the budget process for general and administrative expenses
  • Identify the factors that need to be considered in R&D planning

Chapter 13
Cash Flow Forecasting and Budgeting

After studying this chapter, you will be able to:
  • Recognize the importance, attributes and components in a cash budgeting system
  • Identify advantages of using what-if scenarios when budgeting

Chapter 14
Budgeting for Capital Expenditures

After studying this chapter, you will be able to:
  • Identify factors in considering capital expenditures
  • Recognize components of the capital expenditures budget

Chapter 15
Zero-Base Budgeting: Priority Budgeting for Best Resource Allocation

After studying this chapter, you will be able to:
  • Recognize the steps involved in zero-base budgeting and how often it should be conducted
  • Recognize what is involve in a decision package

Chapter 16
Budgeting for Service Businesses

After studying this chapter, you will be able to:
  • Recognize the special features associated with planning and budgeting for service businesses.

Chapter 17
Budgeting for Nonprofit Organizations

After studying this chapter, you will be able to:
  • Identify the unique features and characteristics of governmental and nonprofit organizations (NPOs)
Course Contents :

Chapter 1:    The What and Why of Budgeting

Learning Objectives

Planning

Types of Budgets

Master Budget

Operating and Financial Budgets

Cash Budget

Static (Fixed) Budget

Flexible (Expense) Budget

Capital Expenditure Budget

Program Budget

Incremental Budget

Add-On Budget

Supplemental Budget

Bracket Budget

Stretch Budget

Strategic Budget

Activity-Based Budget

Target Budget

Rolling Budget

Budgetary Process

Bottom-Up Versus Top-Down

Budget Coordination

Departmental Budgeting

Actual Costs vs. Budget Costs

Budget Revision

Budget Weaknesses

Budgetary Control and Audit

Computer Applications

Motivation

Advantages and Disadvantages of Budgets

Conclusion

Chapter 1 Review Questions

Chapter 2:    Strategic Planning and Budgeting

Learning Objectives

Budgeting

Strategic Planning

Short-Term Plans

Long-Term Plans

Time Period

Administering the Plan

Profit Plan

Operational Plan

Development Plan

Contingency Planning

Activity-Based Budget

Budget Process

Departmental Budgets

Budget Accuracy

Reports

Budget Revision

Performance Measures

Control and Analysis

Chapter 2 Review Questions

Chapter 3:    Profit Planning: Targeting and Reaching Achievable Goals

Learning Objectives

Goal Congruence

Profit Targets

Objectives In The Profit Plan

Role of Managers

Assumptions

Alternatives

Responsibility

Participation

Subordinates

Coordination

Scheduling

Problems

Control, Evaluation, and Analysis

Internal Controls

"Real - Life" Illustrations In Profit Planning

Conclusion

Chapter 3 Review Questions

Chapter 4:    Administering the Budget: Reports, Analyses, and Evaluations

Learning Objectives

Types of Reports

Budget Manual

Budget Sheet

Performance Reports

Budget Audit

Budget Calendar

Chapter 4 Review Questions

Chapter 5:    Cost Behavior: Emphasis On Flexible Budgets and Contribution Margin

Learning Objectives

Costs By Behavior

Analysis of Mixed (Semi-Variable) Costs

Relevant Range

The High-Low Method

Regression Analysis

Fixed Budgets Versus Flexible Budgets and Performance Reports

Direct Labor and Variable Overhead

The Contribution Income Statement

Conclusion

Chapter 5 Review Questions

Chapter 6:    Responsibility Accounting and Reporting To Management

Learning Objectives

Responsibility Accounting and Responsibility Center

Cost Center Control

Prerequisites of Cost Control

Responsibility and Conventional Accounting Compared

Cost Controllability

Organization Structure

Operation of Responsibility Accounting System

Human Relations In Responsibility Accounting

Reporting Under Responsibility Accounting

Essentials of Good Reporting

Fixing Responsibility

Service Department Costs

Conclusion

Chapter 6 Review Questions

Chapter 7:    Master Budget: Genesis of Forecasting and Profit Planning

Learning Objectives

Master (Comprehensive) Budgeting Illustrated

Sales Budget

Production Budget

Units

Materials Requirement Budget

Direct Labor Budget

Factory Overhead Costs Budget

Selling and Administrative Expenses Budget

Cash Receipts Budget

Cash Disbursements Budget

Budgeted Cash Balances

Bank Loans

Budgeted Income Statements

Conclusion

Chapter 7 Review Questions

Chapter 8:    Using Variance Analysis to Evaluate Performance

Learning Objectives

Defining A Standard

The Usefulness of Variance Analysis

Setting Standards

Determining and Evaluating Sales Variances

Cost Variances

Material's Variances

Labor Variances

Overhead Variances

The Use of Flexible Budgets in Performance Reports

Standards and Variances In Marketing

Sales Standards

Analyzing Salesperson Variances

Appraisal of Marketing Department

Illustrative Marketing Performance Reports

Variances In Administrative Expenses

Variances In Warehousing Costs

Nonmanufacturing (Service) Activities

An Illustrative Variance Analysis Report For A Service Business

Capital Expenditures

Variance Analysis Reports

Conclusion

Chapter 8 Review Questions

Chapter 9:    Budgeting Sales and Sales Forecasts

Learning Objectives

Sales Planning Compared With Forecasting

Sales Forecasts

Sales Budget

Chapter 9 Review Questions

Chapter 10:    Budgeting Manufacturing Costs

Learning Objectives

Illustration

The Sales Budget

The Production Budget

The Direct Material Budget

The Direct Labor Budget

The Factory Overhead Budget

Planning and Control of Material Purchases and Usage

Materials Budgets

Budgeting Individual Items of Material

Budget Based On Production Factors

Materials Purchase Budget Illustrated

Planning and Control of Direct Labor

Direct Labor Budget

Labor Reports

Fringe Benefits

Labor Cost Control and Analysis

Planning and Control of Factory Overhead

Types of Overhead Costs

Allocation

Total Cost Management

Static Versus Flexible Budget

Control and Analysis

Conclusion

Chapter 10 Review Questions

Chapter 11:    Budgeting for Sales, Advertising, and Distribution Expenses

Learning Objectives

Marketing Budgets

Selling Expenses

Advertising and Sales Promotion

Distribution Costs

Analysis and Evaluation of Distribution Costs

Control Over Distribution Costs

Packaging

Travel and Entertainment

Budget Meetings

Conclusion

Chapter 11 Review Questions

Chapter 12:    Budgeting General and Administrative Expenses and R&D Costs

Learning Objectives

Administrative Departments

Budgeting Process

Cost Classification


Compensation Arrangements

Contributions

Financial Expenses

Other Expenses

Employees

Control and Analysis

Budgeting for Research and Development Costs

R&D Costs

R&D Planning

Funding Level

R&D Budget

Analysis and Evaluation

Control Over R&D

R&D Risk

Coordination

Conclusion

Chapter 12 Review Questions

Chapter 13:    Cash Flow Forecasting and Budgeting, and Software for Budgeting

Learning Objectives

Account Analysis

Total cash receipts

The Cash Budget

Cash Variance Analysis

Cash Flow Software

Spreadsheets

Construction of a Rolling Budget

Budgeting Software

Budgeting and Planning Software and E-Budgeting

Conclusion

Chapter 13 Review Questions


Chapter 14:    Budgeting for Capital Expenditures

Learning Objectives

The Budget Process

Authorization of Capital Budget

Capital Budget Forms

Capital Budget

Capital Expenditure Reports

Budget Revisions

Special Projects

Analysis of Capital Projects

Conclusion

Chapter 14 Review Questions

Chapter 15:    Zero-Base Budgeting: Priority Budgeting for Best Resource Allocation

Learning Objectives

The Zero-Base Budgeting Process

Activity Units

Decision Packages

Ranking Proposals

Project (Program) Budgets

Conclusion

Chapter 15 review questions

Chapter 16:    Budgeting for Service Businesses

Learning Objectives

Airlines

Hotels

Conclusion

Chapter 16 Review Questions 

Chapter 17:    Budgeting for Nonprofit Organizations

Learning Objectives

Planning

Funds

Recordkeeping and Reporting

Government Budgets and Accounting Bases

Government Recordkeeping for Budget Accountability

Government Interfund Transactions

Capital and Operating Budgets

Budget Development

Budgeting Revenue

Expenditures

Encumbrances

Budgetary Control

Variances

Effectiveness and Control Measures

Organization Structure

Functional or Program Reporting

Budget Adaptability

Budget Participants

Voluntary Hospitals

Colleges and Universities

Professional Associations

Conclusion

Chapter 17 Review Questions

Glossary

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