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Course Details

Modern Budgeting for Profit Planning & Control (Course Id 15)

QAS / Registry   Add to Cart 
Author : Jae K. Shim, Ph.D., CPA
Status : Production
CPE Credits : 10.0
IRS Credits : 0
Price : $99.95
Passing Score : 70%
Primary Subject-Field Of Study:

Finance - Management for Course Id 15

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. Active financial planning software and e-budgeting that combine budgeting, forecasting analytics, business intelligence, and collaboration.

Usage Rank : 0
Release : 2014
Version : 1.0
Prerequisites : Basic math.
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 : 14-Jan-2014
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 - 15

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

Chapter 1
The What and Why of Budgeting

After reading this chapter, you should be able to::

    • Define what a budget is
    • List and define the types of budgets
    • Explain the steps involved in the budgetary process
    • Distinguish between the bottom-up and top-down approaches to budgeting
    • Describe how to coordinate departmental budget activities
    • Explain actual costs versus budget costs
    • Identify the advantages and disadvantages of budgets

Chapter 2
Strategic Planning and Budgeting

After reading this chapter, you should be able to::

    • Define what is meant by budgeting
    • Explain how strategic planning and budgeting are linked together
    • Prepare a checklist for a budgeting system
    • Distinguish between short-term and long-term plans
    • List the types of plans and explain each.

Chapter 3
Profit Planning: Targeting and Reaching Achievable Goals

After reading this chapter, you should be able to::

    • Define profit planning
    • Explain the basic principles of profit planning
    • Identify the objectives of profit planning
    • Describe the role of managers in achieving profit targets
    • Give a few real-life illustrations of profit planning

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

After reading this chapter, you should be able to::

    • List the three major types of reports and explain each
    • Identify basic types of budget reports
    • Give a list of items in the performance-to-budget report
    • Explain the budget manual and what it contains
    • Describe what the budget sheet is all about
    • Demonstrate the budget preparation calendar

Chapter 5
Cost Behavior: Emphasis on Flexible Budgeting and Contribution Margin

After reading this chapter, you should be able to::

    • Define and give examples of variable costs, fixed costs, and mixed costs
    • Explain two methods of developing a flexible budget formula: the high-low method and regression analysis
    • Explain the advantages and disadvantages of the high-low method for developing a flexible budget formula
    • Develop the formula using the high-low method
    • Describe the advantages of regression analysis
    • Utilize a spreadsheet program such as MS Excel to develop the flexible budget formula.
    • Prepare a flexible budget
    • Distinguish between the terms gross margin and contribution margin
    • Explain why the contribution income statement is useful for managers

Chapter 6
Responsibility Accounting and Reporting To Management

After reading this chapter, you should be able to::

    • Define responsibility accounting and appreciate how important it is for managerial control
    • Distinguish among three types of responsibility centers and see how they are evaluated
    • Explain what cost control involves
    • Identify the types of reports necessary for effective responsibility accounting
    • Compare conventional accounting and responsibility accounting

Chapter 7
Master Budget: Genesis of Forecasting and Profit Planning

After reading this chapter, you should be able to::

    • Define master budgeting.
    • Diagram and explain the master budget interrelationships.
    • Describe the master budget process and the steps involved in the process
    • Prepare sales, production, manufacturing costs, and cash budgets.
    • Develop a budgeted income statement.
    • Prepare a cash budget
    • Explain how budgets aid in planning and control

Chapter 8
Using Variance Analysis to Evaluate Performance

After reading this chapter, you should be able to::

    • Define the standard and the standard costs
    • Identify the types of standards
    • State the purposes for using standard costs
    • Describe the steps involved in variance analysis
    • Calculate sales variances
    • Calculate the different types of variances for manufacturing costs--direct materials, direct labor, and manufacturing overhead.
    • Explain the managerial significance of these variances.
    • Computer variances in selling and administrative expenses
    • Identify the types of performance reports
    • Prepare a flexible budget and explain its advantage over the static budget format.

Chapter 9
Budgeting Sales and Sales Forecasts

After reading this chapter, you should be able to::

    • Describe how important the sales budget is
    • Differentiate between sales planning sale forecast
    • Explain how important sales forecasts are to budgeting
    . • Explain why sales forecasts are needed for managerial planning
    • List three ways of making estimates
    • Describe how regression analysis can be used to develop a sales forecasting model
    • Prepare the sales budget

Chapter 10
Budgeting Manufacturing Costs

After reading this chapter, you should be able to::

    • Explain how the production budget leads to manufacturing costs budgets
    • Prepare a direct material usage and purchase budget
    • Discuss the procedures for developing material budgets
    • Prepare a direct labor budget
    • Discuss the procedures for developing direct labor budgets
    • Prepare a factory overhead budget
    • Describe how the flexible budget formula help develop the factory overhead budget

Chapter 11
Budgeting for Sales, Advertising, and Distribution Expenses

After reading this chapter, you should be able to::

    • Outline the structure of a sales division
    • Prepare marketing budgets and selling expenses budgets
    • Discuss the procedures for developing selling expenses budgets
    • List three popular methods for developing advertising budgets and explain each
    • Identify some measures of advertising effectiveness
    • Prepare performance reports for marketing personnel
    • Prepare a budget for distribution expenses

Chapter 12
Budgeting General and Administrative Expenses

After reading this chapter, you should be able to::

    • Give examples of administrative expenses
    • Describe the budget process for general and administrative expenses
    • Explain some approaches to budgeting general and administrative expenses

Chapter 13
Budgeting for Research and Development

After reading this chapter, you should be able to::

    • List direct and indirect costs associated with R&D projects
    • Identify the factors that need to be considered in R&D planning
    • Define the product life cycle and explain its implication in R&D planning
    • Prepare a R&D budget
    • Prepare project status reports

Chapter 14
Cash Flow Forecasting and Cash Budgeting

After reading this chapter, you should be able to::

    • Explain account analysis for estimating collection percentages
    • Prepare a cash budget
    • Enumerate the major components of a cash budget
    • Prepare a cash variance report
    • Give some popular cash budgeting software

Chapter 15
Use of a Spreadsheet Program and Software for Budgeting

After reading this chapter, you should be able to::

    • Show how to use spreadsheet software to develop a budget
    • Give some examples of stand-alone budgeting software
    • Describe some advantages of using budgeting software
    • Build rolling budgets
    • Briefly explain some popular budgeting software

Chapter 16
Budgeting for Capital Expenditures

After reading this chapter, you should be able to::

    • Give some examples of capital expenditures.
    • Describe why capital expenditures decisions are necessary.
    • Discuss what information is needed to make a capital budgeting decision.
    • List factors to consider in determining capital expenditures.
    • Identify the four steps in the capital expenditure budgetary process.
    • List some major forms for capital project decisions and explain each.
    • Prepare a capital budget.

Chapter 17
Zero-Base Budgeting: Priority Budgeting for Best Resource Allocation

After reading this chapter, you should be able to::

    • Define zero-base budgeting.
    • Discuss the advantages and disadvantages of ZBB.
    • Explain how ZBB differs from traditional budgeting.
    • Describe the steps involved in the ZBB process.
    • Define decision packages.
    • Prepare a zero-base budget.

Chapter 18
Budgeting for Service Businesses

After reading this chapter, you should be able to::

    • Describe the special features associated with budgeting for service businesses.
    • Discuss a common pattern observed while implementing a budgetary system for growing service companies
    • Prepare a budget for service businesses such as a hotel and an airliner

Chapter 19
Budgeting for Nonprofit Organizations

After reading this chapter, you should be able to::

    • Identify the main features of nonprofit organizations (NPOs)
    • List the three major types of NPOs
    • Define funds.
    • Explain the concept of encumbrances.
    • Explain why budgeting is particularly important to NPOs
    • Discuss the characteristics that are unique to budgeting for hospitals, colleges, churches, and professional associations.
Course Contents :

Chapter 1 – The What and Why of Budgeting

 

Chapter 2 – Strategic Planning and Budgeting

 

Chapter 3 ‑ Profit Planning: Targeting and Reaching Achievable Goals

 

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

 

Chapter 5 - Cost Behavior: Emphasis on Flexible Budgeting and Contribution Margin

 

Chapter 6- Responsibility Accounting and Reporting To Management

 

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

 

Chapter 8- Using Variance Analysis to Evaluate Performance

 

Chapter 9- Budgeting Sales and Sales Forecasts

 

Chapter 10- Budgeting Manufacturing Costs

 

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

 

Chapter 12‑ Budgeting General and Administrative Expenses

 

Chapter 13‑ Budgeting for Research and Development

 

Chapter 14‑ Cash Flow Forecasting and Cash Budgeting

 

Chapter 15‑Use of a Spreadsheet Program and Software for Budgeting

 

Chapter 16‑ Budgeting for Capital Expenditures

 

Chapter 17‑ Zero-Base Budgeting: Priority Budgeting for Best Resource Allocation

 

Chapter 18- Budgeting for Service Businesses

 

Chapter 19- Budgeting for Nonprofit Organizations

 

Glossary

Finance Course 15 Home: https://www.cpethink.com/cpe-for-cpas
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