1063: Corporate Controller Study guide

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