Budgeting and Forecasting

Description

There’s a huge number of reasons. A lot of people have none or very little money saved up for emergencies, plus, the majority of them have substantial student loans and credit card debt. Nevertheless, a lot of issues could be prevented if these people knew how to budget. Any company must prepare its finances and track its profitability. To put it another way, the project's financial sustainability should be evaluated before it is launched. This course will assist you in doing so. This course will teach you how to budget and forecast from the ground up. This course is designed to prepare people for budgeting and forecasting as well as familiarize them with the process. Budgeting plays an important role in all organizations, so this will support them in their career. When budgeting is performed right, it has a number of advantages. Understanding and contributing to the budgeting process will help you become a more valuable employee or a more effective business owner. Teamwork, coordination, and quality development are all helped by budgeting. After all, most of us are not at ease in the accounting world. This course is suitable for motivated workers and business owners who want to increase their appreciation and make a more important contribution to the budgeting process. This course will explain capital budgeting fundamentals, including how to measure Net Present Values as well as which approach should be used in project assessments, as each method has its own set of drawbacks and benefits.

Skills You will Master

• Principles and Concept of Costing - In this section we will see principles and concept of costing which states that assets, liabilities, and equity investments must be reported at their original cost on financial statements. The historical cost theory and the historical cost definition and the other terms for the cost principle.
• Direct Cost and Indirect Cost - In this section we will learn direct costs are expenditures that are directly related to the manufacture of products or the provision of services, while indirect costs are general business expenses that keep the business going.
• Overhead Allocation - In this section we will see the apportionment of indirect costs to manufactured goods which is known as overhead allocation. All costs borne by a plant other than direct costs are referred to as manufacturing overhead. You'll also discover how to assign production overhead costs to any inventory products known as work-in-process or finished goods.
• Allocating Indirect Cost - In this section we will see indirect costs are expenditures that are shared across many systems and are not specifically related to the running of a single program.

 Benefits of the course/ Learning Objectives

• You will understand the fundamentals of Budgeting Environment
• Budgeting and forecasting techniques from scratch.
• You will learn the method of calculating the cost of a product or enterprise.
• You will learn the historical cost theory and the historical cost definition and the other terms for the cost principle.

Requirements/Instructions

• No prior accounting knowledge is necessary to learn this course.
• Basic fundamentals of Mathematics will help.