Management accounting is a vital internal tool that provides businesses with strategic financial insights for effective decision-making and performance optimization. Unlike financial accounting, which focuses on external reporting, management accounting centers on generating timely and relevant financial information for internal use. It involves cost analysis, budgeting, variance analysis, and forecasting to guide operational and strategic choices. By facilitating informed resource allocation and performance evaluation, management accounting empowers managers to enhance efficiency, control costs, and achieve organizational goals.
Class Sessions
1- Introduction
2- Organisational structures: Understand different types and their financial reporting requirements.
3- PESTEL analysis: Explain and apply to analyse external factors affecting organisations.
4- Introduction
5- Macroeconomic factors: Understand the key factors and their impact on organizations.
6- Microeconomic factors: Understand the key factors and their impact on organizations.
7- International business environment: Understand the significance of macro and microeconomics in an international context and their impact on organization.
8- Introduction
9- Mathematical Accounting Methods.
10- Use mathematical techniques in accounting.
11- Create and use graphs, charts, and diagrams of financial information.
12- Apply statistical methods to provide financial and accounting information.
13- Introduction
14- Financial Accounting:
15- Inventory valuation methods and calculations
16- Year-end adjustments and accurate accounting
17- Preparation of final accounts for sole traders and partnerships
18- Assessment of financial statement quality
19- Introduction
20- Budgeting: Understanding the role of budgeting, preparing budgets accurately, and analyzing budgets for organizational performance.
21- Standard Costing: Understanding the purpose of standard costing, calculating and interpreting variances accurately, and evaluating the advantages.
22- Capital Expenditure and Appraisal Techniques: Understanding key capital expenditure appraisal techniques, calculating payback, ARR, NPV, and IRR accuracy.
23- Costing Techniques: Differentiating between marginal and absorption costing, understanding job, batch, and process costing methods, using service cost.
24- Introduction
25- Leadership and Management in Accounting: Understand theories, motivation, and teamworking.
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