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
- management accounting systems
- Basic and modern calculation of cost of production
- Sales policies and price fixing
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
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Zero-based budgeting
Prerequisites
- management accounting: knowledge of bookkeeping
- budgetary control: cost management
Final Objectives
cp. objectives and topics.
Materials used
book or syllabus
Study costs
Unit price determined under hogeschool rules
Textbook 2 €30.
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.
Assessment
- First exam session: 30%: permanent assessment and 70% written exam
- Second exam session: 100 % written exam: theory, examples and exercises
- Examination Board Flemish Community:
first and second exam session: 100 % written exam
Lecturer(s)
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