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COURSE OUTLINE 1 Demystifying Budgets: Cost-Accounting Principles Overview This program addresses key managerial accounting concepts and links them to daily business activities. Participants will explore basic Cost Accounting and Budgeting principles that will allow them to be more productive in their positions. Participants shall be encouraged to learn and apply these principles in a manner that will benefit themselves as well as their employers. Real-life examples shall permeate the seminar so that the participants can see the seminar topics in context. Objectives ¾ Introduce participants to basic cost accounting and budgeting principles ¾ Help participants promote internal efficiency and reduce the cost of waste Content 1. Cost Accounting Basics: Cost accounting as a decision-making tool. Basic cost accounting principles. A value added perspective. Making sense of the numbers - seeing the big picture. 2. The Budgeting Process Do we really need to bother? Tying the budget to your organization’s goals/strategy Participative vs. Non Participative Budgeting Budgeting: not merely a mechanical process! The Master Budget vs. The Flexible budget - Variance analysis (i.e. how did we do? Or, how are we doing?) Feedback & Control. Goal Congruence: Rewarding employees for attaining organizational goals. Monetary vs. Non-Monetary incentives. Short-term/Myopic behavior. Developing a multi-year plan. The politics of Budgeting. Financing. Cash is king! Instructor Maurice Rossin came from an engineering background and obtained a Master in Business Administration from McGill University and a CMA (Chartered Management Accountant) designation. Mr. Rossin has extensive experience in development of financial models, budget as well as financial and operational analysis. His major fields of interest include management information systems, financial and operational analysis, financial models and managerial accounting.
