Advanced Accounting Management for Decision-Making

Inspired By: McGraw-Hill's Accounting for Decision-Making and Control

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Advanced Accounting Management for Decision-Making

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Course Overview:

This training course is meticulously designed to equip professionals with the advanced skills and knowledge necessary to excel in accounting management. This course delves into critical aspects of accounting that are essential for strategic decision-making, including Budgeting Systems, Cost Allocation Theory, and Absorption Cost Systems. Participants will gain a deep understanding of Generic Budgeting Systems, Decision Management and Control, and New Budgeting Approaches, which are pivotal in enhancing organizational budgeting practices. Furthermore, the course covers advanced topics such as Job Order Costing, Overhead Allocation, Process Costing, and Activity-Based Costing (ABC), ensuring a complete grasp of modern accounting practices. With a focus on practical applications and current industry trends, this training program prepares participants to tackle complex accounting challenges, implement effective management accounting innovations like Total Quality Management (TQM) and Just-in-Time (JIT) Production, and leverage competitive forces in accounting. By integrating concepts such as Lean Production, the Balanced Scorecard, and addressing accounting for environmental changes, this course provides a holistic approach to accounting management. This course is an indispensable resource for professionals aiming to make informed and impactful decisions in their organizations.

Target Audience:

Chief Financial Officers (CFOs)
Accounting Managers
Financial Controllers
Senior Accountants
Financial Analysts
Budget Analysts

Targeted Organizational Departments:

Finance and Accounting
Budgeting and Planning
Internal Audit
Financial Reporting
Cost Management

Targeted Industries:

Manufacturing
Healthcare
Education
Public Sector
Private Corporations

Course Offerings:

By the end of this course, participants will be able to:

Develop and implement effective budgeting systems, including generic and participative budgeting.
Manage the trade-off between decision management and decision control.
Apply cost allocation theory and practices in various organizational contexts.
Utilize absorption cost systems, job order costing, and process costing for accurate financial reporting.
Implement activity-based costing (ABC) and standard costing to enhance decision-making.
Analyse and manage overhead, marketing variances, and direct labour/materials variances.
Integrate management accounting innovations like TQM, JIT Production, Six Sigma, and Lean Production into their accounting practices.
Adapt to environmental changes and leverage competitive forces in accounting.

Training Methodology:

The course employs a diverse range of training methodologies to ensure a complete learning experience. Participants will engage in case studies that provide real-world applications of budgeting systems, cost allocation, and advanced accounting practices. Group work will foster collaborative learning and allow participants to tackle complex accounting scenarios together. Interactive sessions will include discussions on decision management and control, as well as new budgeting approaches, encouraging active participation and knowledge sharing. Feedback sessions will be conducted to provide personalized guidance and insights into each participant's progress

Course Toolbox:

complete workbooks
Reading materials on advanced accounting practices
Online resources and case studies
Checklists and templates for budgeting and cost allocation

Course Agenda:

Day 1: Introduction to Budgeting Systems

Topic 1: Overview of Budgeting Systems
Topic 2: Generic Budgeting Systems
Topic 3: Budgeting in a Country Club
Topic 4: Budgeting in a Private University
Topic 5: Budgeting in a Large Corporation
Topic 6: Trade-Off between Decision Management and Decision Control
Reflection & Review: Key Learnings and Practical Applications

Day 2: Advanced Budgeting Approaches

Topic 1: Communicating Specialized Knowledge versus Performance Evaluation
Topic 2: Budget Ratcheting
Topic 3: Participative Budgeting
Topic 4: New Approaches to Budgeting
Topic 5: Managing the Trade-Off in Budgeting
Topic 6: Resolving Organizational Problems with Budgeting
Reflection & Review: Analysing Budgeting Effectiveness

Day 3: Organizational Budgeting and Cost Allocation Theory

Topic 1: Short-Run versus Long-Run Budgets
Topic 2: Line-Item Budgets
Topic 3: Budget Lapsing
Topic 4: Static versus Flexible Budgets
Topic 5: Incremental versus Zero-Based Budgets
Topic 6: complete Master Budget Illustration
Reflection & Review: Practical Budgeting Strategies

Day 4: Cost Allocation Theory

Topic 1: Pervasiveness of Cost Allocations
Topic 2: Cost Allocation in Manufacturing Organizations
Topic 3: Cost Allocation in Hospitals and Universities
Topic 4: Reasons to Allocate Costs
Topic 5: External Reporting and Taxes
Topic 6: Cost-Based Reimbursement
Reflection & Review: Cost Allocation Theory Applications

Day 5: Practical Cost Allocation

Topic 1: Incentive/Organizational Reasons for Cost Allocations
Topic 2: Cost Allocations as a Tax System
Topic 3: Taxing an Externality
Topic 4: Insulating versus Noninsulating Cost Allocations
Topic 5: Summary of Cost Allocation Theory
Topic 6: Reciprocal Method for Allocating Service Department Costs
Reflection & Review: Reviewing Cost Allocation Practices

Day 6: Absorption Cost Systems

Topic 1: Introduction to Absorption Cost Systems
Topic 2: Job Order Costing
Topic 3: Cost Flows through the T-Accounts
Topic 4: Allocating Overhead to Jobs
Topic 5: Overhead Rates and Over/Underabsorbed Overhead
Topic 6: Flexible Budgets to Estimate Overhead
Reflection & Review: Understanding Absorption Cost Systems

Day 7: Criticisms and Alternatives to Absorption Cost Systems

Topic 1: Incentive to Overproduce
Topic 2: Reducing the Overproduction Incentive
Topic 3: Variable (Direct) Costing
Topic 4: Illustration of Variable Costing
Topic 5: Problems with Variable Costing
Topic 6: Beware of Unit Costs
Reflection & Review: Evaluating Absorption Cost Systems

Day 8: Activity-Based Costing and Standard Costs

Topic 1: Inaccurate Product Costs
Topic 2: Activity-Based Costing (ABC)
Topic 3: Choosing Cost Drivers in ABC
Topic 4: Absorption versus Activity-Based Costing
Topic 5: Benefits and Costs of Activity-Based Costing
Topic 6: Acceptance of Activity-Based Costing
Reflection & Review: Analysing ABC and Standard Costs

Day 9: Variance Analysis and Management Accounting Innovations

Topic 1: Direct Labour Variances
Topic 2: Direct Materials Variances
Topic 3: Overhead Variances
Topic 4: Marketing Variances
Topic 5: Management Accounting Innovations
Topic 6: Total Quality Management (TQM) and Just-in-Time (JIT) Production
Reflection & Review: Applying Variance Analysis

Day 10: Strategic Accounting and Organizational Change

Topic 1: Integrative Framework in Management Accounting
Topic 2: Organizational Architecture and Business Strategy
Topic 3: Environmental and Competitive Forces Affecting Organizations
Topic 4: Lean Production and Six Sigma
Topic 5: The Balanced Scorecard
Topic 6: When to Change the Internal Accounting System
Reflection & Review: Strategic Applications and Future Directions

How This Course is Different from Other Accounting Management Courses:

The course stands out by providing a unique blend of advanced accounting techniques and practical applications tailored to today's dynamic business environment. Unlike other courses, it integrates a complete overview of budgeting systems, cost allocation theories, and absorption cost systems with modern management accounting innovations like TQM, JIT Production, and Six Sigma. This course emphasizes real-world applications through interactive sessions, case studies, and hands-on exercises, ensuring participants can implement what they learn directly in their organizations. Additionally, it addresses the challenges posed by competitive forces and environmental changes, preparing professionals to adapt and thrive in evolving industry landscapes. By focusing on strategic decision-making and providing a holistic approach to accounting management, this course ensures participants are well-equipped to drive organizational success.

credits: 5 credit per day

Course Mode: full-time

Provider: Agile Leaders Training Center

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