CPE course study guides
Study guide for Controller's Function
The study guide is provided to guide you through the course material in a step by step format.
Reading assignments are for The Controller's Function by Steven M. Bragg.
1) The Controller's Job
Reading Assignment: Chapter 1 <<>> Review Question: # 1
The learning objectives for this lesson are to gain an understanding of:
- History of the controller's function
- Main job functions
- Job description
- Job Qualifications
- Organizational structure of the accounting department
- Ethics
2) Internal Control
Reading Assignment: Chapter 2 <<>> Review Question: # 2-8
The learning objectives for this lesson are to gain an understanding of:
- Basic elements
- Controls to use in your business
- Elements of internal accounting control
- Levels of controls
- Responsibility for proper internal controls
- Fraud
- Auditing for fraud
3) Planning and the Strategic Plan
Reading Assignment: Chapter 3 <<>> Review Question: # 9-12
The learning objectives for this lesson are to gain an understanding of:
- Strategic plan overview
- System of plans
- Planning cycle
- Planning roles
- Planning timing and planning period
- Business mission
- Developing long-range objectives
- Developing long-range strategies
4) Long-Range Financial Plan
Reading Assignment: Chapter 4 <<>> Review Questions: # 13
The learning objectives for this lesson are to gain an understanding of:
- Layout and purpose
- Trends of revenues and profits
- Capital investments
- Cash flows and financing requirements
- Risk analysis
- Breakdown by business unit/product line/geography
- Financial position
5) Annual Plan
Reading Assignment: Chapter 5 <<>> Review Questions: # 14-21
The learning objectives for this lesson are to gain an understanding of:
- System of plans
- Annual planning cycle
- Role of the controller
- Sales planning
- Steps in developing the near-term sales plan
- Methods for determining the sales forecast
- Useful sources for forecasting information
- Break-even chart
- Changes in the sales mixture, sales price, and the cost
6) Sales
Reading Assignment: Chapter 6 <<>> Review Questions: # 22-26
The learning objectives for this lesson are to gain an understanding of:
- Role of the controller
- Sales analysis
- Sales standards
- Sales reports
- Product pricing
7) Distribution Expenses
Reading Assignment: Chapter 7 <<>>Review Question: # 27-29
The learning objectives for this lesson are to gain an understanding of:
- Role of the sales manager
- Analyzing distribution costs
- Analyzing by application
- Setting the distribution budget
8) Direct Materials and Labor
Reading Assignment: Chapter 8 <<>> Review Question: # 30-35
The learning objectives for this lesson are to gain an understanding of:
- Objectives
- Role of the controller
- Types of cost systems
- Measuring and controlling direct material costs
- Controlling direct material quantities
- Measuring and controlling direct labor costs
- Target costing
9) Overhead
Reading Assignment: Chapter 9 <<>>Review Questions: # 36-40
The learning objectives for this lesson are to gain an understanding of:
- Need for overhead controls
- Responsibilities of the controller
- Account classifications
- Fixed and variable costs
- Cost allocation
- Controlling overhead
- Production reports
10) General and Administrative Expenses
Reading Assignment: Chapter 10 <<>>Review Questions: # 41-42
The learning objectives for this lesson are to gain an understanding of:
- Functions involved
- Accounting for and allocating administrative expenses
- "Unique" expenses
- Controlling costs
11) Cash and Investments
Reading Assignment: Chapter 11<<>>Review Questions: # 43-47
The learning objectives for this lesson are to gain an understanding of:
- Objectives of cash management
- Role of the controller
- Cash collections
- Cash disbursements
- Investment of short-term funds
- Accounting for records of investment
- Cash and investment controls
12) Receivables
Reading Assignment: Chapter 12<<>>Review Questions: # 48-49
The learning objectives for this lesson are to gain an understanding of:
- Functions of the credit department
- Shortening the receivables cycle
- Reserve for doubtful accounts
- Receivables fraud and control
13) Inventory
Reading Assignment:Chapter 13 <<>>Review Questions: # 50-54
The learning objectives for this lesson are to gain an understanding of:
- Inventory management systems
- Inventory tracking
- Physical inventory procedure
- Inventory valuation
- Inventory fraud and controls
14) Property, Plant, and Equipment
Reading Assignment: Chapter 14 <<>>Review Questions: # 55-57
The learning objectives for this lesson are to gain an understanding of:
- Role of the controller
- Capital budgeting
- Postproject appraisals
- Other aspects fo fixed assets
15) Liabilities
Reading Assignment: Chapter 15 <<>>Review Questions: # 58-59
The learning objectives for this lesson are to gain an understanding of:
- Objectives
- Controls
- Credit agreement provisions
- Debt capacity
- Bond ratings
- Leverage
16) Equity
Reading Assignment: Chapter 16 <<>>Review Questions: # 60-61
The learning objectives for this lesson are to gain an understanding of:
- Role of the controller
- Cost of Capital
- Dividend policy
- Long-term equity planning
- Repurchasing common shares
- Capital stock records
17) Operational Accounting
Reading Assignment: Chapter 17 <<>>Review Questions: # 62-63
The learning objectives for this lesson are to gain an understanding of:
- Creating departmental job descriptions
- Creating a departmental training program
- Clearing out excess documentation
- Documenting all major processes
- Scheduling the department
- Correcting the underlying cause of errors
- Use of best practices
- Outsourcing selected accounting functions
18) Closing Procedures
Reading Assignment: Chapter 18 <<>>Review Questions: # 64-65
The learning objectives for this lesson are to gain an understanding of:
- Selecting the fiscal year
- Selecting interim reporting periods
- Quick close
19) SEC Filings
Reading Assignment: Chapter 19 <<>>Review Questions: None
The learning objectives for this lesson are to gain an understanding of:
- Form 8-K
- Annual 10-K and Quarterly 10-Q Reports
- Timing of Annual and Quarterly Report Filings
- Form S-1
- Form S-3
- Form S-8
- Forms Requiring Payment to the SEC
- Fedwire Payments
20) Performance Measurements and Trends
Reading Assignment: Chapter 20 <<>>Review Questions: # 66-69
The learning objectives for this lesson are to gain an understanding of:
- Performance measurements
- Trends
- Interrelationship of ratios
- Just-in-time ratios
21) Financial Analysis
Reading Assignment: Chapter 21 <<>>Review Questions: # 70-74
The learning objectives for this lesson are to gain an understanding of:
- Analyzing financial statements
- Analyzing working capital
- Analyzing capital investments
- Analyzing capacity utilization
- Analyzing financing options
22) Cost Reduction
Reading Assignment: Chapter 22 <<>>Review Questions: # 75
The learning objectives for this lesson are to gain an understanding of:
- Types of Reports Used for Cost Reduction Analysis
- Spend Analysis Overview
- Spend Database
- Supplier Consolidation Analysis
- Parts Consolidation Analysis
- Maintenance, Repair, and Operations Item Analysis
- Spend Compliance
- Spend Analysis Reports
- Workforce Reduction Analysis
- Workforce Reduction Issues
- Workforce Reduction Alternatives
- 5S Analysis
- Check Sheets
- Error Quantification
- Fixed Cost Analysis
- Ishikawa Diagrams
- Value Stream Mapping
- Waste Analysis
23) Taxes
Reading Assignment: Chapter 23 <<>>Review Questions: # 76
The learning objectives for this lesson are to gain an understanding of:
- Tax strategy
- Tax organization
- Role of the tax manager
- Tax records
- Tax versus book accounting
- Proper classification of accounts
24) Selecting a Financial Information System
Reading Assignment: Chapter 24 <<>>Review Questions: # 77-80
The learning objectives for this lesson are to gain an understanding of:
- Reasons to purchase software
- Defining systems requirements
- Existing system documentation
- Joint sessions
- Preparing the request for proposal
- distribution of the request for proposal
- Review of the vendor's completed proposal
- Reference calls
- Demonstration
- Site visits
- Cost of the system
- Final selection
- Contract negotiations
- Postimplementation review
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