Understanding and Managing Budgets

This course covers budgets and how they are used in organizational settings. You will gain an understanding of the uses and functions of master budgets, operating budgets, sales, production and cost of goods sold budgets, and cash budgets. You will also learn how organizations are using different budgeting techniques to deal with operating challenges.

After completing this course, you'll be able to:

• Recognize the uses and functions of budgeting
• Recognize the key activities, considerations, and benefits of strategic organizational planning
• Recognize the purpose and make-up of a master budget
• Identify the components and calculations used to create a master budget and recognize uses for this information
• Identify the components and purpose of an operating budget
• Recognize how sales, production, and cost of goods sold budgets are created and perform related calculations
• Recognize the purpose of cash budgets and how they are prepared
• Identify ways the budget process can be managed for optimal results and recognize the benefits and limitations of the management-by-objective system

Target Audience: This course is designed for adult learners and/or non-financial managers.

Level/Prerequisites: Introductory/No Prerequisites

Estimated time to complete: 3-5 hours

Ask the Expert: This course has an "Ask the Expert" feature, which submits your questions directly to an expert in the field you are studying. Questions are answered as quickly as possible and usually within 24 hours.

Required Material: This course does not require any additional purchases of supplementary materials.

Successful Completion Requirement for IACET CEU: Learners must achieve an average test score of at least 70% to meet the minimum successful completion requirement and qualify to receive IACET CEU credit. Learners will have three attempts at all graded assessments.