Direct vs. indirect costs – FP&A

Course Content

A. Accounting Principles and Framework

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Purpose of financial accounting

Users of financial information

Accounting principles and assumptions (GAAP and IFRS)

Double-entry system

B. Recording Financial Transactions

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Chart of accounts

Journal entries

Posting to the ledger

C. Adjusting and Closing Entries

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Accruals and deferrals

Inventory adjustments

Break even point

Preparing financial statements

D. Financial Statements

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Income statement

Statement of cash flows (basics)

Notes to the financial statements

E. Internal Controls and Ethics

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Objectives of internal controls

Segregation of duties

Fraud prevention

Ethical standards in accounting

F. Cost Concepts

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Types of costs (fixed, variable, mixed)

Direct vs. indirect costs

Product vs. period costs

G. Costing Systems

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Job order costing

Process costing

Activity-based costing (ABC)

H. Budgeting and Planning

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Purpose of budgeting

Types of budgets (operating, capital, cash)

Flexible budgets

Variance analysis

I. Decision Making

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Cost-volume-profit (CVP) analysis

Break-even point

Relevant costing

Make or buy decisions

J. Performance Evaluation

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Financial and non-financial performance measures

Responsibility accounting

Balanced scorecard (basics)

FMAA