Table of Contents:
Acknowledgments of Subject Matter Experts ix For the Student xi
Session 1 1
Course Introduction 1
Session 1 Overview 3
Section A, Topic 1: Financial Statements 9
Section A, Topic 2: Recognition, Measurement, Valuation, and Disclosure 21
Session 1 Exercise: Inventory Valuation, LIFO to FIFO 40
Session 1 Exercise Solution: Inventory Valuation, LIFO to FIFO 43
Session 1 Wrap-Up 44
Session 2 45
Session 1 Recap 46
Session 2 Overview 46
Study Tips 47
Section A, Topic 2: Recognition, Measurement, Valuation, and Disclosure (cont.) 48
Session 2 Exercise: Investments 54
Session 2 Exercise Solution: Investments 57
Section A Practice Questions 94
Session 2 Wrap-Up 94
Session 3 97
Session 2 Recap 98
Session 3 Overview 98
Section B: Planning, Budgeting, and Forecasting 99
Section B, Topic 1: Strategic Planning 99
Section B, Topic 2: Budgeting Concepts 120
Session 3 Wrap-Up 134
Session 4 135
Session 3 Recap 136
Session 4 Overview 136
Section B, Topic 5: Annual Profit Plan and Supporting Schedules 137
Session 4 Exercise 1: Preparing Operating Budgets and Pro Forma Income Statement 149
Session 4 Exercise 1 Solution: Preparing Operating Budgets and Pro Forma Income Statement 151
Session 4 Exercise 2: Preparing a Cash Budget 160
Session 4 Exercise 2 Solution: Preparing a Cash Budget 161
Session 4 Wrap-Up 164
Session 5 165
Session 4 Recap 166
Session 5 Overview 166
Section B, Topic 3: Forecasting Techniques 167
Section B, Topic 4: Budget Methodologies 178
Session 5 Wrap-Up 189
Session 6 191
Session 5 Recap 192
Session 6 Overview 192
Section B, Topic 6: Top-Level Planning and Analysis 193
Session 6 Exercise: Preparing Pro Forma Financial Statements, Determining External Funding Needed, and Performing Sensitivity Analysis 204
Session 6 Exercise Solution: Preparing Pro Forma Financial Statements, Determining External Funding Needed, and Performing Sensitivity Analysis 206
Section B Exam Practice Questions 210
Session 6 Wrap-Up 211
Session 7 213
Session 6 Recap 214
Session 7 Overview 214
Section C: Performance Management 215
Section C, Topic 1: Cost and Variance Centers 233
Session 7 Wrap-Up 241
Session 8 243
Session 7 Recap 244
Session 8 Overview 244
Section C, Topic 2: Responsibility Centers and Reporting Segments 245
Section C, Topic 3: Performance Measures 252
Section C Practice Questions 264
Session 8 Wrap-Up 265
Session 9 267
Session 8 Recap 268
Session 9 Overview 268
Section D: Cost Management 269
Section D, Topic 1: Measurement Concepts 269
Session 9 Exercise 1: Absorption versus Variable Costing 285
Session 9 Exercise 1 Solution: Absorption versus Variable Costing 286
Section D, Topic 2: Costing Systems 288
Session 9 Exercise 2: Equivalent Units in Process Costing 302
Session 9 Exercise 2 Solution: Equivalent Units in Process Costing 305
Session 9 Wrap-Up 307
Session 10 309
Session 9 Recap 310
Session 10 Overview 310
Section D, Topic 3: Overhead Costs 311
Section D, Topic 4: Supply Chain Management 322
Section D, Topic 5: Business Process Improvement 332
Section D Practice Questions 343
Session 10 Wrap-Up 343
Session 11 345
Session 10 Recap 346
Session 11 Overview 346
Section E: Internal Controls 347
Section E, Topic 1: Governance, Risk, and Compliance 348
Session 11 Wrap-Up 372
Session 12 373
Session 11 Recap 374
Session 12 Overview 374
Section E, Topic 2: Internal Auditing 375
Section E, Topic 3: Systems Controls and Security Measures 386
Section E Practice Questions 404
Session 12 Wrap-Up 405
