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OU B120 DS2 presentation

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resources to choose from for Day School 2 on B120

resources to choose from for Day School 2 on B120

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  • The outcome could be something along the lines of ‘it is a financial plan for a given period of time (6 months/1 year/5 years) that contains key aspects of the business expressed in monetary terms – sales, fixed and variable costs, purchase and sale of assets, etc.’ A budget is used as a planning and control mechanism for running the business as a whole or smaller parts of it - the department, the section, the function etc. (See Essential Reading Dyson pages 76-77.) It is a way of assessing performance over a period. Groups to consider the limitations of the budgetary control process e.g., can we be certain that the figures being used are accurate; figures may come from a variety of sources and comparison may be difficult; because we are working with historical data can we accurately assume the level of change in the future; events may occur which are outside of the control of the business etc. (See Section 5.4 in Book 3 for behavioural aspects.)
  • Transcript

    • 1. B120 An Introduction to Business Studies Day School 2 Phillippa Seaward
    • 2. Safety and practicalities
      • Health and safety
        • Register
        • Fire
      • Breaks
        • Food and drink
        • Time of breaks
      • Comfort – flexible to suit your needs
    • 3. Agenda
      • Introduction
      • Experiences TMA01 & TMA02 + feedback
      • Looking at Finance & Accounting
      • Lunch
      • Looking at Marketing
      • Questions & Close
    • 4. Experiences - TMA01 & TMA02
    • 5. Feedback on TMAs
      • Referencing
        • When you use a course concept reference it in the text
      • Word count
        • Take care not to exceed the word limit (up to +/-10% is acceptable)
      • Read the question
        • Ensure that you have answered all parts of the question
      • Use of course material
        • Demonstrate you have read, understood and can apply course concepts
      • Allocating time / words
        • Look at the weighting of the marks and what you are asked to do
      • Use diagrams
        • A picture really is worth many words when you are writing an assignment
    • 6. B120 Day School 2 Overview of Book 3
    • 7. Book 3 Aims and Objectives
      • Give you a good grounding in the fundamental terms, concepts and concerns of accounting and finance in business
      • Raise your awareness of the relevance of accounting and finance to decision making in everyday business practice
      • Describe the context in which accounting has developed and now operates
      • Provide an understanding of the key components of accounting in a business, such as the basic accounting statements and budgets
      • Begin to develop your knowledge of how spreadsheets are used in accounting and finance
    • 8. Book 3 Sessions
      • What is accounting?
      • Businesses and cash accounting
      • The accounting statements
      • The accounting world
      • Budgets and the budgeting process
    • 9. Key Book 3 Ideas and Concepts
      • One of the most basic accounting services involves keeping a record of all financial transactions and then preparing financial statements such as balance sheets, income and cash flow statements.
      • Accounting refers to the practice of tracking a business's income and expenses and using those figures to evaluate its financial status.
      • But the business of accountants goes beyond just basic number-crunching. Accountants include a number of other services: business consulting, business valuation, and financial planning, just to name a few.
    • 10. Characteristics of good financial information
      • Relevance
      • Reliability
      • Comparability
      • Understandability
      • Timeliness
      • Materiality
    • 11. Accounting statements
      • Income statements are a standard financial document that summarises a company's revenue and expenses for a specific period of time, usually one quarter of a fiscal year and the entire fiscal year
      • Balance sheet is a financial statement at a given point in time. It provides a snapshot summary of what a business owns or is owed - assets -  and what it owes - liabilities -  at a particular date
      • Cash flow statement is a financial statement which reports the inflows and outflows of cash for a particular period for the operating, investing and financing activities undertaken by a company
    • 12. Finance Quiz
      • A short quiz to help you understand the purpose of different accounting statements
      • Split into small groups
      • Discuss and answer the questions
    • 13. Budgets and the budgeting process
      • A budget usually requires considerable effort and can be seen as a financial plan for the new financial year which contribute expected revenues and expenses to the final budget.
      • If the actual numbers delivered through the financial year turn out to be close to the budget, this will demonstrate that the company understands their business and has been successfully driving it in the direction they had planned. On the other hand, if the actual numbers diverge wildly from the budget, this sends out an 'out of control' signal.
    • 14. Budgets: Types of Cost / Budget Variable Costs Variable Budget Discretionary Costs Discretionary Budget Fixed Costs Fixed Budget Contingency Costs Contingency Budget All Costs Master Budget
    • 15. More book 3 concepts
      • Framework of accounting concepts within which the accounting statements are prepared
      • Branches of accounting (financial accounting and management accounting)
      • Regulation of accounting information and professional accountancy bodies
      • Image of accountancy and accountants
    • 16. Activity: Budgets
      • What is a Budget and what does it do ?
      • Should we rely solely on budgets for making decisions about running a business ?
    • 17. Practical advice on TMA03
      • Read the questions carefully
      • Read the student guidance notes (they are very helpful)
      • Structure using the word limit and break down of the question
      • Use your course material (All the information you need is in Book 3 and there are worked examples there which are very similar to the TMA task)
    • 18. Break
    • 19. Book 4 Aims and Objectives
      • Explain the role of marketing in a business
      • Explain various aspects of marketing strategy and management
      • Relate marketing theory as contained in this book to everyday marketing situations with which you may come into contact
      • Explain how marketers relate to their stakeholders and what ethical implications of these relationships are
      • Discuss aspects of consumer behaviour and explain what is meant by a consumer society
      • Explain how marketing affects the natural environment and how ‘green marketing’ attempts to reduce these effects
    • 20. Book 4 Sessions
      • What is marketing?
      • Understanding marketing environments
      • Understanding customers and consumption
      • The marketing mix
      • Addressing societal and environmental concerns in marketing
    • 21. Activity: What is Marketing?
      • How would you define marketing?
      • What do you think is the main purpose of the marketing department in a business?
    • 22. Key Book 4 Ideas and Concepts
      • Marketing is a way of doing business, not just advertising or promotions
      • Understanding their customers and their business environments is the first important task of marketers
      • Consumption (and marketing) is an important aspect of contemporary societies, which goes beyond commercial concerns
      • Marketing has significant impacts on society and the natural environment and, due to its close contact with customers and other stakeholders, the marketing function of a business faces particular ethical concerns
    • 23. Activity: Glastonbury Festival
      • In small groups, discuss
      • What is the marketing problem facing the Glastonbury Festival ?
      • Using the 4P model (product, price, place, packaging) what do you think their marketing plan might include ?
      • Does this marketing plan differ from one to increase consumer goods’ sales ?
    • 24. Activity: Glastonbury Festival Source: www.bized.co.uk Business Objectives Develop Marketing Strategy Implement Strategy and Monitor Evaluate Strategy and Amend
    • 25. Practical advice on TMA04
      • Read the questions carefully
      • Read the student guidance notes (they are very helpful)
      • Ensure your example is a personal experience of buying something
      • Structure using the word limit and break down of the question
      • Use your course material
      • Ask for advice
    • 26. Questions
    • 27. Important Dates
      • TMA03
      • TMA04
      • Next Tutorial

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