• Welcome and introduction

Session overview and learning outcomes

• Language of finance

Provides an overview of key financial terms as a framework for understanding business finance

• Accounting principles

Introduces the accounting standards as endorsed by the Pakistan Accounting Standards Board

• Accounting methods

Demonstrates the difference between cash and accrual accounting

• Budgets

Introduces the budget cycle and the steps to follow in preparing for the budget period

• Costs

Explores variable, fixed, direct and indirect costs and how to effectively manage them within the budget

• Budget management

Identifies the need to regularly review performance against budget and the need for accurate estimating, forecasting and contingency planning

• Welcome and introduction

Session overview and learning outcomes. Recap of Session One

• Reporting

Examines the key differences between financial reports and financial statements prescribed by the Pakistan Accounting Standards Board

• Profit and loss

Identifies how to interpret and assess statements of profit and loss to understand financial performance

• Ratios

Introduces a range of ratio-based calculations for managing financial activity, inputs and outputs

• Variance

Examines the impact of variance and from planned budgets to actual budget performance and how to analyze data to determine root cause

• Cash flow management

Introduces the cash flow cycle, highlighting that while a business can survive temporarily without profit, they cannot survive without cash