Course description
Accounting and Finance for Engineers: Management Accounting
Welcome to this introductory course on Accounting and Finance. This course is one of two courses which look at accounting and finance from two different perspectives. This course looks at accounting and finance within the company; this is usually called management accounting.
The second course looks at accounting and finance more from the external view – usually referred to as financial accounting. Both are needed if you are going to understand the basics of accounting and finance so you may want to think about taking the financial management course next if this is your first look at the subject.
One of the objectives of this course it to help you understand accounting and finance in real businesses, so we will be asking you to explore aspects of accounting and finance in your own organisation. If you are not working at the moment and do not have access to a company you can ask questions about, pick a company and use the Internet to try to answer as many of them as you can.
This course aims to give you an insight into the world of accounting and finance from the perspective of the engineer. It is an introductory course and will provide you with a basic understanding of the language used and will familiarise you with the more commonly used terminology, documents and practices of the accounting side of organisations within which you work now or could work in the future.
One of the primary objectives is to increase your appreciation of the effect you can have on the financial state of the organisation you are working in and the constraints the organisation's finances has on decisions that affect you.
Level: Professional
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Upcoming start dates
Suitability - Who should attend?
- Junior managers who aspire to more senior positions
- Engineers who aspire to management positions
- Non-financial employees who want to learn the basics of accounting and finance
- Individuals wishing to start their own business
Outcome / Qualification etc.
- Understand the structure and process of creating a cash flow statement or forecast and be able to construct a personal cash flow forecast and one for a potential new business;
- Understand the working capital cycle and how it creates profit and be able to apply your understanding to the cycle in the company you work for;
- Understand the nature of fixed and variable costs and be able to understand the implications of how costs are allocated in businesses;
- Understand and be able to use the mathematical relationship between costs, volume and profit for business decision making;
- Understand the planning and budgeting process within companies;
- Understand and be able to financially assess an investment opportunity using some of the commonly used tools and techniques.
Training Course Content
Units included in this course
- Unit 1: Finance in the Business Context
- Unit 2: Personal Cash Flow Forecasting and Management
- Unit 3: Introduction to Cash flow forecasting and Management for New Businesses
- Unit 4: Working Capital Cycle
- Unit 5: Cost Analysis: Marginal and Absorption Costing
- Unit 6: CVP Analysis
- Unit 7: Planning and budgeting
- Unit 8: Assessing Investment Opportunities: Tools and Techniques
- Unit 9: Final Assessment
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