Key words
Cost management & budgeting
Objectives
- to acquire terms and techniques aimed at internal reporting within financial management and giving advice to directors, shareholders or customers.
- to gain an adequate insight in the complexity of problems relating to financial management (activities, input of means of production).
- accurate handling of financial statements at meetings.
- to acquire an attitude of objectivity, realism and care in dealing with numbers, figures.
- critical analysis of figures to give continuous feedback.
- to be able to collect and use accounting data for the calculation of costs, budgets, sales and profit.
- to acquire, through case-studies and exercises, an attitude of accuracy in solving cost accounting problems
- to develop a critical mind by thinking up alternative scenarios in budgeting.
Topics
A. COST MANAGEMENT- Objectives of an organisation and its management accounting and cost management
- Productivity, capacity and workforce
- Classification of costs and cost behaviour
- Cost of materials and stock management, EOQ.
- Cost of services by third parties and staff
- Cost of depreciable assets
- Basic and modern calculation of cost of production
- ABC and ABM
- Sales policies and price fixing
- Connection between sales, costs and profit with BEA.
B. BUDGETING
- Planning
- Setting up a business with a business plan
- Managerial control in budgeting
- Sales budgeting
- Budgeting the costs of marketing and sales
- Production and capital budgeting (investment)
- Budget of direct and indirect costs
- Budget of taxes and cash
- Masterbudget
- Variance analysis1
- Case-integrated budgeting
- Zero-based budgeting and PPBS
Prerequisites
- management accounting: knowledge of bookkeeping
- budgetary control: cost management
Final Objectives
Materials used
book or syllabus
Study costs
unit price determined under hogeschool rules
Study guidance
The lecturer acts as tutor, mentor and coach.
Teaching Methods
(formal) lectures involving slides, discussion of examples, graphs.
Exercises are to be done individually and are subject to checks.
Solutions are supplied in EXCEL for private study the week after.
Assessment
First exam session: 25%: solutions of exercises handed in on demand and75% written exam: theory, exemples and exercises
Second exam session: 100 % written exam: theory, exemples and exercises
Examination Board Flemish Community:
first and second exam session: 100 % written exam
Lecturer(s)
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