OptimaTrain

Accounting Essentials

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    Description:
    The course was designed to cover critical business and professional development topics in the shortest time possible. With a wealth of hands-on exercises, the course keep you engaged and help you retain critical skills.

    To run a business, numbers must be taken into account and factored into everyday decision-making, both major and minor. Understanding the numbers associated with day-to-day operations is no longer just the domain of the finance and accounting departments–everyone from lower-level staff to senior managers should learn the fundamentals of the cost of the organization’s product or service, the price strategies involved, and the impact that short- and long-term decisions have on the bottom line. ACCOUNTING ESSENTIALS is an introductory course that teaches the basics of finance, accounting, and economic strategies in an easy-to-follow, easy-to-understand format complete with glossaries, diagrams, and self-tests. This course is especially for nonfinancial managers or new business owners. It is an indispensable primer for learning and understanding accounting fundamentals, such as cash and accrual accounting, basic recordkeeping, ledger and journal entries, and financial statement preparation.

    Duration: One day

    Table of Contents:

    Part 1: Getting the ‘Right’ Numbers
    Qualitative vs. Quantitative Decision-Making
    Standards
    Effective and Efficient Decisions
    Constraints

    Part 2: Review of the Financial Statements
    The Balance Sheet and Income Statement
    Statement of Cash Flow
    What the Financial Statements Do Not Tell You

    Part 3: Making Money
    Maximizing Profit or Minimizing Cost
    Thinking in Units
    Defining Cost

    Part 4: Identifying Costs and Their Behaviors
    Fixed, Variable, and Mixed Costs
    Relevant Range
    Cost Per Unit
    Cost Categories on the Income Statement
    Discerning Variable Costs
    Discerning Mixed Costs

    Part 5: Controlling Costs
    Contribution Margin on the Income Statement
    Activity-Based Costing
    Non-Value-Added Activity

    Part 6: Am I Breaking Even?
    The Cost-Volume-Profit Graph
    The Contribution Margin Approach to Break-Even

    Calculating ‘What If’ Profit
    Margin of Safety

    Part 7: Operating Leverage
    Defining Operating Leverage
    Operating Leverage and the Bottom Line

    Part 8: Influences on Pricing
    Pricing in Line with the Competition
    Trade-Offs Between Price and Demand
    Elasticity of Demand Illustrated
    Market and Cost Influences on Pricing
    Qualitative Factors in Relation to Price

    Part 9: Making the Numbers Work for You
    Responsible Decision-Making
    Quality Management

    Addendum
    Review of the Numbers
    Addendum to Part 2
    Addendum to Part 3
    Addendum to Part 4
    Addendum to Part 6
    Addendum to Part 7
    Additional Reading

    Course Reviews

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