Programme Overview
The Finance for Non-Financial Managers programme is designed to give participants the necessary knowledge and skills in order to understand and implement basic financial concepts.
- A theoretical overview and a practical application of concepts and current practices in efficient and effective financial management
- Knowledge sharing of the practical issues and challenges of financial management, including successes and failures
- A plan to initiate and sustain financial management using various techniques and tools
- The ability to change what does not work and incorporate new measures
Individuals credited with this unit standard are able to implement the concepts of budgeting, standard costing and decentralised control in order to apply the process of planning and control.
Learning Outcomes
- Apply the concept of budgeting
-Define and prepare a variety of budgets according to recognized accounting procedures
-Apply the applications of a zero based budget in line with the principles of budgeting - Apply the concept of standard costing
-Explain the objectives of a standard costing system per the accepted accounting explanations
-Design a standard costing system and determine standards are using accepted accounting methods
-Prepare a variance analysis is prepared by calculating the variances based on job and process costing systems and variable and absorption costing approaches and using accepted accounting methods
-Prepare a report on the variance analysis in line with the principles of planning and control
-Prepare a reconciliation of budgeted profit to actual profit and account for variances using generally accepted accounting methods - Explain and apply the concept of decentralised control
-Discuss the advantages and disadvantages of a decentralised control system in the light of the accepted principles of planning and control
-Explain the choice between cost, profit and investment centres according to the recognised principles of planning and control
-Measure the performance of decentralised units by applying the return on investment and residual income methods
-Explain the aims of transfer pricing as defined in accounting policy documents
-Define a transfer price based on market and cost based information according to accepted accounting definition
Duration
- 3 days contact time including group activities and plenary sessions
- 30 days self study after which participants submit their portfolio of evidence
Unit Standard Alignment
A certificate of completion will awarded upon successful completion of a portfolio of evidence
Unit Standards
This course is aligned to the following unit standard
- 13102: Budgeting, costing and decentralised control
NQF Level 6
15 Credits
