Description:
Examine the need for, the legal, policy and performance accountability requirements, and the methodologies used in identifying, analyzing, and reporting costs of federal government activities, outputs and program outcomes. You will view the government as if it were a business entity and consider how a better understanding of the “cost of doing business” can lead to informed, metric driven management for more cost efficient, accountable government operations and performance.
This course is part of the Master Certificate in Federal Financial Management.
Who Should Attend?
Government officials, analysts and contractors who need to understand the importance of and methods for collecting, estimating, identifying, analyzing and reporting activity and program cost information.
Tuition:
2024 classes:
$1,199
2025 classes:
$1,199
Credits:
24 CPE's
Class Type:
This course is currently being offered in the following training modalities:
- Online
- Virtual Instructor-Led (ACCT8010A)
- Class Length: This class is listed as a 3 day course.
- Virtual Instructor-Led (ACCT8010A)
- On-site
Learning Outcomes:
- Identify key legislation impacting cost identification, analysis and reporting
- Describe the federal budget process, and its relation to cost identification and analysis
- Describe the fundamental concepts and views of Cost and their use in Cost Analysis
- Explain the value of cost identification, analysis and management
- Explain cost elements of Direct Cost, Indirect Cost, Fixed Cost, Variable Cost, and methods of identification and analysis
- Examine and discuss Statement of Federal Financial Accounting Standards (SFFAS) 4, Managerial Cost Accounting
- Explain Performance Based Budgeting and the necessity for sound cost analysis and cost tracking
- Identify the basic concepts and processes of accounting, and their use in cost identification and analysis
- Explain the value of Activity Based Cost (ABC) analysis to government operations
- Describe the cost tracking and analysis technique, Earned Value Management (EVM) and its value to management in government enterprises
- Discuss the difference between ABC and EVM
Course Outline
Day One
Module 1 – Financial Management, Financial Systems, and Cost Identification, Analysis and Reporting
- Nature and functions of a financial system
- Managers’ internal control responsibilities
- Information requirements and policies for financial systems
- Key federal financial organizations and how their responsibilities overlap
- Federal budget process
Module 2 – Legal and Policy Requirements Supporting Cost Management
- Relationship between financial management and financial systems
- Differences between budgetary and proprietary accounting
- Accounting standards
- Earned Value Management (EVM)
Day Two
Module 3 – Accounting and Financial Reporting in the Federal Government
- Federal financial environment
- Basic cost accounting, terms, and systems
- Activity based costs (ABC)
- Traditional vs. activity based methods
- Unit-cost analysis and its benefits
Module 4 – Reporting the Cost of Government
- EVM terminology and application
- EVM vs. ABC
- Use of EVM as a risk management tool for capital investments
- Integration of EVM into acquisition strategy for capital investments
Day Three
Module 5 – Federal Cost Accounting Standards
- Relationship between budget execution and proprietary accounting
- Basic accounting concepts and terms
- The accounting cycle
- Purposes of a journal, general ledger accounts, and trial balances
Module 6 – Activity Based Costing in the Federal Government
- Concurrent and reciprocal events of budgetary and proprietary accounting
- Accounting entries recorded in the journal to reflect the:
- Receipt of the budgetary authority,
- Subdivisions of the funding authority, and
- Uses of the funding authorities
- Posting information to general ledger accounts
- Adjusting and closing processes at the conclusion of the fiscal period
- Contents of financial statements
Module 7 – Application of Earned Value Management in the Federal Government
