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Course Description:
Non-financial managers are required to make decisions everyday that affect
the current or future financial performance of the organization. They
are expected to plan, budget, and manage the resources of the
organization and are measured on their effective use of these resources
through the financial results. Unfortunately many non-financial
managers lack the basic knowledge or tools to interpret and use
financial information for decision support. This situation often
results in inefficiencies, waste, and lost opportunities, which are
ultimately reflected in the financial performance of the organization.
This one-day course is designed to
provide non-financial managers with basic financial literacy to manage
the performance of their organization more effectively. The morning
session covers the nature and purpose of the basic financial
statements and how they are used to report the financial results of the
organization. We will explain the nature of accruals and deferrals and
their importance to ensure accurate financial reporting at quarter-end
and year-end. In addition, we will explain how everyday business
transactions affect the financial statements. We will end the morning
session with an overview of the Sarbanes-Oxley Act and its implications
for managers of publicly held corporations.
The afternoon session introduces the user to basic cost
terminology. We will explain the concepts of unit, total and average
costs as well as the different types of cost classifications that are
used in management decision making: fixed, variable, and semivariable
costs, direct and indirect costs, and incremental, sunk, and relevant
costs. We will discuss absorption costing and how it is used to manage
costs in a manufacturing organization. Finally we will explain the two
levers of cost and how to manage yield, labor, and capacity utilization
to improve financial performance.Pre-requisites:
This course is taught at a basic level.
No
pre-requisites or advance preparation are required.
Who should attend:
Non-financial managers and supervisors in manufacturing or service
industries, professional employees (planners, engineers, buyers,
analysts), accounting assistants, accounting clerks
Course Objectives:
Upon completion of this course, you will be able
to:
- Use and interpret a balance sheet and income
statement for decision support.
- Explain the nature of accruals and deferrals
and how these affect the financial statements.
- Explain how different business transactions
impact your financial statements.
- Discuss the Sarbanes-Oxley Act and how it
affects non-financial managers.
- Explain the difference between unit, average,
and total costs.
- Apply and use common cost concepts in
management decision making.
- Use cost information to identify cost improvement opportunities
.Course Content:
Morning
session
- Balance sheet, income statement, and statement of
cash flows
- Cash basis and accrual accounting
- Accruals and deferrals
- How business transactions affect the financial
statements
- An overview of the Sarbanes-Oxley Act and its
implications for non-financial managers
Afternoon
session
- Total, units, and average costs
- Cost classifications and their uses
- Variable, fixed, and semi-variable costs
- Direct and indirect costs
- Manufacturing costs versus service costs
- Absorption costing
- The two levers of cost
- Identifying cost improvement opportunities
- Incremental, relevant, sunk, and opportunity costs
Instructional method used:
Instructor-led
Recommended CPE:
7.5 credit hours*
*Note: This seminar is not registered with the National Association
of the State Boards
of
Accountancy (NASBA) and does not provide CPE credits for Certified
Public Accountants.
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