Introduction to financial and managerial accounting its purposes and financial strategy formulation.

Cost systems: Cost classifications in terms of object; function, product/service and behaviour; opportunity cost, recording and analysing costs; job costing; batch costing; process costing; contract costing; standard costing; variance calculations; variance analysis and management by exception.

Costing methods: absorption, marginal costing, activitybased costing (ABC); use in calculating costs and pricing policy and their relationship to cost controls and pricing.

Cost control of systems: cost centre; profit centres; investment centres; accountable management; planning and control methods.

Financial statements: estimates and assumptions relating to the profit and loss account; balance sheet and cash flow statement.

Financial ratios analysis, interpretation, decisions and limitations: employment of financial ratios internally and externally; financial profiles of organisations; calculation of key ratios reflecting business liquidity; efficiency and profitability.

Budgets: types; flexible and fixed budgets; zero-based budgeting, budgeting process from subsidiary/functional to master budget; relationship of budget to cost and quality control, resource utilisation and profitability.

Budgets monitoring and evaluations: budgeted and actual figures, accounting for and investigating different kind of variances in budgetary controls; corrective action; human behavioural issues relating to budgeting.

Sources of financial resources; types of funds: short term and long terms, sourcing funds internally and externally; venture capitalists, leverages; risk, cost and control issues with types of funding; techniques of selecting appropriate sources of funds for different projects – comparison of costs, risk and controls.