31/12/2020
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Fundamentals of economics for executives, managers and specialists - course 11,990 rubles. from Specialist, training 16 ac. h., Date: December 3, 2023.
Miscellaneous / / December 06, 2023
This course is aimed at developing basic knowledge of students in the field of organizational economics and financial management.
The course is useful for beginners in the field of economics and finance (it is the basis for obtaining further specialized knowledge in this area), and to managers of non-financial areas in order to expand professional competencies.
The course program is designed in such a way that, based on the results of its completion, students gain an understanding of the basic economic laws occurring in the organization, got acquainted with the basic tools for managing internal financial and economic processes, learned to navigate financial and economic terms, definitions and indicators.
Particular importance in the course program is given to the development of practical skills of students in terms of carrying out calculations of basic financial and economic indicators, interpretation and analysis of the data obtained, as well as the formation of competencies in terms of understanding economic content (“reading”) of generally accepted forms of financial reporting of enterprises (Balance sheet, Statement of financial results, Statement of cash flow).
In addition, the course discusses the feasibility of maintaining management accounting at an enterprise and implementing a budgeting system.
Based on the results of the course program:
You will learn:
Calculate the results of the enterprise’s activities;
Determine the efficiency of the enterprise (calculate profitability and profitability indicators);
Calculate the operating and financial cycles of the enterprise;
Determine the efficiency of using material, labor and financial resources of the enterprise;
Calculate the break-even point and the planned profit point;
Distribute indirect costs of the enterprise;
Calculate the price elasticity of demand;
Optimize the financial result of activities by determining the optimal ratio of price and sales volume;
Plan a cash flow budget (Cash Flow);
Conduct express analysis of the financial statements of the enterprise;
Determine the final VAT payable (reimbursable);
Calculate the tax burden on a business.
You will know:
The concept of economics, similarities and differences between microeconomics and macroeconomics;
The economic nature of profit;
Principles for calculating profitability and profitability indicators;
Principles for calculating turnover indicators;
Economic meaning and rules for calculating the operating and financial cycles of an enterprise;
General patterns of economic development of an enterprise;
Fundamentals of organizing financial accounting at an enterprise;
The structure and economic meaning of the financial statements of the enterprise;
Goals and objectives of financial management;
The concept and purpose of management accounting, the concept and purpose of budgeting and financial planning;
Types, structure and relationship of budgets, the concept of financial responsibility centers (FRC);
Structure and main classifications of enterprise costs;
Basic methods of cost accounting and mechanisms for their distribution;
The concept of cost and cost calculation;
Differences in cost calculation methods “absorption-costing” and “direct-costing”;
The concept and interaction of supply and demand, determination of price elasticity of demand;
Basic pricing methods, basic discount methods;
Types of cash flows of an enterprise, principles of calculating net cash flow;
Basic tools for corporate finance management;
Key indicators for financial analysis (liquidity, solvency, financial stability, business activity);
Types of profit according to RAS and IFRS;
How the tax system works in the Russian Federation (types of taxes and fees);
Basic principles of VAT calculation, basic elements of income tax and personal income tax;
Principles for determining the total tax burden on an enterprise.
Module 1. Fundamentals of economic theory and financial management (4 ac. h.)
Economic theory in the modern world;
Microeconomics and macroeconomics, what are their similarities and fundamental differences;
Economic nature of profit;
Efficiency of the enterprise: profitability and profitability indicators;
Turnover of enterprise assets and its impact on the property potential of the organization;
Operating and financial cycles of an enterprise, the basics of their management (workshop on calculating the financial cycle of an enterprise);
General patterns of economic development of an enterprise: “The Golden Rule of Microeconomics”;
Goals and objectives of financial management;
Enterprise accounting systems.
Workshops: Calculation of enterprise performance results; Calculation of the operating and financial cycles of an enterprise.
Module 2. Economic processes and main resources of an enterprise (6 ac. h.)
Fundamentals of organizing financial accounting (workshop on the basics of preparing financial statements);
The economic essence of the main forms of financial reporting: Statement of financial results, Statement of cash flows, Statement of financial position (Balance sheet);
Structure and composition of enterprise assets, accounting features;
Planning and rationing of materials and wages;
Efficiency of use of labor, material and financial resources of an enterprise (workshop on calculating indicators of efficiency of resource use);
Costs: structure, classifications: variable and fixed costs, concept and essence of marginal profit (workshop on managing financial results using the marginal approach); direct and indirect costs (workshop on distribution of indirect costs for goods/services); relevant and irrelevant costs (workshop on developing economic justifications for management decisions);
variable and fixed costs, the concept and essence of marginal profit (workshop on managing financial results using the marginal approach);
direct and indirect costs (workshop on distribution of indirect costs for goods/services);
relevant and irrelevant costs (workshop on developing economic justifications for management decisions);
Cost accounting methods and mechanisms for their distribution;
The procedure for forming and calculating the cost of goods/services (absorption-costing and direct-costing);
The concept and interaction of supply and demand, determination of price elasticity of demand;
The influence of price elasticity of demand on marginal profit (workshop on optimizing financial results by determining the optimal ratio of price and sales volumes);
Basic pricing methods, main types of discounts;
Cash flows of an enterprise: cash flows (Cash Flow), its deficit and surplus (workshop on the formation of Cash Flow).
Workshops: Formation of financial statements (basics); Calculation of the optimal ratio of price and sales volume using the marginal approach; Calculation of break-even point and planned profit point; Distribution of indirect costs of the enterprise; Calculation of economic justification for management decisions; Calculation of the price elasticity of demand; Cash flow budget planning (Cash Flow).
Module 3. Algorithm for the formation and adoption of management decisions in the field of corporate finance management (4 ac. h.)
Management accounting – goals and objectives, main differences from accounting;
The budgeting system at the enterprise - types, structure and relationship of budgets, centers of financial responsibility;
Fundamentals of corporate finance management (basic financial management tools);
Fundamentals of effective management of assets and capital of an enterprise - main indicators for financial analysis of an enterprise (workshop for calculating financial ratios and express analysis of the financial condition of the enterprise): liquidity indicators and solvency; the concept of financial stability and calculation of financial leverage; indicators of business activity (intra-company efficiency); types of profit according to IFRS and RAS.
liquidity and solvency indicators;
the concept of financial stability and calculation of financial leverage;
indicators of business activity (intra-company efficiency);
types of profit according to IFRS and RAS.
Workshop: Calculation of financial ratios and conducting express analysis of the financial statements of an enterprise.
Module 4. Taxation system in the Russian Federation (2 ac. h.)
Taxation system in the Russian Federation, types of taxes and fees;
Value added tax (VAT) – principles of VAT calculation, taxpayers, exemptions, payment procedure (workshop on calculating VAT payable or refundable);
Corporate income tax - taxpayers, principles for calculating tax liabilities, expenses (income) that are standardized and excluded from the tax base, the procedure for paying tax;
Personal income tax – taxpayers and tax agents; tax rates, tax payment procedures;
Determination of the total tax burden on the enterprise.
Workshop: Calculation of final VAT payable or refundable.
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