Learning outcome

After successfully completing the course, the candidate will have achieved the following learning outcomes defined in terms of knowledge, skills and general competence.

The candidate:

- Has knowledge of the role and position of finance for a company and can discuss the basic features of the financial management of a company

- Has a good understanding of the cost concept and the variability of costs

- Has knowledge of the various principles of product costing and is able to prepare estimates in relation to full cost and the contribution approach for companies in various industries

- Can perform calculations using the standard cost method; can correct an organisation’s budget in relation to its activity; and can prepare management accounts based on standard costs (including a flexible budget)

- Can carry out variance analysis and know the causes of variance

- Is able to prepare estimates based on activity-based costing, and understand the fundamentals and characteristics of this method

- Is able to identify decision-relevant costs and income and solve various problems concerning financial decision-making in a business based on this

- Is familiar with the purpose of budgeting as part of the financial management of an enterprise

- Is able to prepare budgets for liquidity, result and balance, as well as understand the relationship between these; and knows how the budget process can be organised

- Has knowledge of various financial and non-financial performance goals, and is able to assess their advantages and disadvantages

Course Description

The following topics will be covered:

- Income and cost control

- Models for operational accounting and use of normal and standard costs

- Decision-relevant costs and income

- Costs distribution

- Activity-based costing

- Calculation of relevant costs for pricing, product choice, purchasing/production, acceptance of additional orders, closure, etc.

- Budgeting

Teaching and Learning Methods

3-4 hours of lectures per week during the spring semester.

Assessment Methods

Written examination, 4 hours.

Minor adjustments may occur during the academic year, subject to the decision of the Dean