Budgeting and Cost Control – Innovation Business Hub

Dr. Bryniuk is a full-time professor and business owner with deep expertise in business, finance, taxation, and accounting. In recognition of his contributions to business and education, Dr. Bryniuk was awarded the Endowed Teaching Chair by the Sun Sentinel and was distinguished as Professor of the Year for the 2024-2025 academic year.

This course focuses on management control and budgeting, as well as the concepts of participation and oversight. It emphasizes the management control systems that are essential for the effective execution of strategic initiatives. The curriculum includes an examination of the advantages and disadvantages associated with budgeting and profit and loss statements, providing a comprehensive understanding of these critical financial tools.

Management Control (5-6 hours):

Setting budget targets, participation, and control
Strategic planning, budgeting, and management control systems
Key elements of planning: setting objectives and responsibility accounting
The role of financial control and management accounting concepts
Advantages and disadvantages of budgeting
Budgeting within your organization
Profit and loss statement

The course on budgeting and cost control involves the comprehensive estimation of costs, the formulation of approved budgets, and the diligent monitoring of expenditures in relation to those budgets. The primary objectives of this course are to foster a deep understanding of both operating budgets and cash budgets. Additionally, this course elucidates the principles of variable and fixed costs, along with contribution and marginal costing.

Budgeting and Cost Control (3-4 hours):

The essential stages of the budgeting process
Types of budgets: incremental and zero-based budgeting
Budget preparation: operating budgets and cash budgets
Variable costs and fixed costs
Contribution and marginal costing
Decision-making using marginal costing and cost/volume/profit (CVP) analysis

This course provides a comprehensive examination of both traditional costing methods and Activity-Based Costing (ABC), alongside relevant budgeting practices. It is designed to facilitate a thorough understanding of the distinctions between direct and indirect costs, as well as between product costs and period costs. Furthermore, the curriculum encompasses budgetary control mechanisms, including the analysis of standard costs, the
implementation of flexible budgets, and the conduct of variance analysis.

Traditional and Activity-Based Costing & Budgeting (3-4 hours):

Understanding costs and activities
Direct costs vs. indirect costs, and product costs vs. period costs
Cost allocation and absorption costing
Product cost cross-subsidization and activity-based costing (ABC)
Activity-based budgeting (ABB)
Budgetary control: standard costs, flexed budgets, and variance analysis