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Finance and Accounting Decisions for Purchasing Professionals

Learn how to improve your companyís bottom-line by making more informed decisions about purchasing.Smart purchasing decisions have a huge impact on a firmís profits. The Finance and Accounting Decisions for Purchasing Professionals material will give you the tools to make better purchasing decisions. This topic covers purchasing basics, such as quantity discounts, payment terms, quality concerns and timely product shipments. From there, the content moves to decision-making tools. You will learn how to use cost-volume-profit, activity-based costing and breakeven analysis to improve company results. The topic wraps up with a discussion of inventory valuation, and the impact on profit. You will become better equipped to make more informed purchasing decisions in your business.


Runtime: 84 minutes
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Why Lorman?

Over 30 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Overview: The Importance of Purchasing to a Business

  • Inventory: A Huge Cash Investment

The Big Issues

  • How Much You Pay?
  • When Will You Pay?
  • Are You Buying Quality?
  • Is It Shipped on Time?

Cost Basics

  • The Big Four Costs
  • Redlining: The Concept of Relevant Range
  • Fixed Costs: Total Fixed Cost vs. Fixed Costs per Unit
  • Job Costing vs. Process Costing

Analysis for Better Purchasing Decisions

  • Cost-Volume-Profit Analysis
  • Breakeven Analysis
  • Contribution Margin
  • Target Net Income
  • Sales Mix

Digging Deeper to Identify Costs

  • Activity-Based Costing (ABC)
  • Budgeting: Standard Costs
  • Variance Analysis

Inventory Valuation

  • First-in, First-out (FIFO)
  • Last-in, First-out (LIFO)
  • Average Cost
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More Program Information

Why Lorman?

Over 30 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This program format does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

This program format does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

This program format does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 30 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Kenneth W. Boyd

Kenneth W. Boyd

St. Louis Test Preparation

  • Co-founder of Accountinged.com, an online training academy for accounting students, CPAs and corporations
  • Wrote Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies
  • Blogs at his webstie (accountingaccidentally.com), and is a contributing writer for The Logical Entrepreneur.com, Investopedia.com and the Magoosh.com CPA blog. Boyd's YouTube channel (kenboydstl) has over 420 videos on accounting and finance topics
  • Adjunct professor of accounting at the Cook School of Business at St. Louis University (2003 to 2005), where he taught many accounting courses including financial, management, intermediate and cost accounting to undergraduates at SLU
  • Has written test questions for the Certified Public Accountant (CPA) Exam for ACT, Inc: more than a dozen of his test questions on auditing were accepted for exam use in 2005 and 2006; in 2011, he wrote and reviewed test questions for the College Level Examination Program (CLEP)/Accounting Exam
  • A veteran of KPMG - Peat Marwick's audit department, he managed his own accounting practice for six years and has extensive experience in financial services and nonprofit accounting
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Why Lorman?

Over 30 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 399575
Published 2016
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