To develop the skills and knowledge for responsible financial management through the study of basic accounting procedures, and the principles involving balance sheet and profit and loss reporting.
To develop an understanding of the basic fundamentals in the accounting process.
As an outcome of completing this topic you will be able to:
- To explain basic accounting terms.
- To be able to interpret a balance sheet and profit and loss statement
- To understand the structure and requirements of an operations budget.
- To understand the concept of cost centre/profit centre operations.
- To identify the key costs in an operations area and the processes for controlling these costs.