On October 22nd, School of Accounting invited Mingzhi Dong, former chief accountant of China General Nuclear Power Group, to participate in the Practical Experts in Classroom activity for 2023rd full-time Master of professional accounting, with the lecture theme of "Comprehensive Budget and Cost Management".
As the embedded class hours in the course of "Financial Management Theory and Practice", Mingzhi Dong started from a simple workflow and emphasized that “preparedness ensures success, and unpreparedness spells failure.” In the work, it is necessary to plan the human, financial, and material resources needed in advance to achieve the goals, then formulate and assign the tasks, and allocate the corresponding resources; During the execution process, continuously compare against the task objectives, analyze deviations, and formulate corrective action plans; After the completion of the tasks, summarize and evaluate the effectiveness of resource utilization, as the foundation and input for planning and deploying the next phase of work tasks and resource investment. In this manner, cycle and spiral upwards, continuously approach strategic goals until fully implements. This is also the logic behind formulating work plans in a comprehensive budget: Prepare and assign the budget based on the human, financial, and material resources required by the plan; Analyze and report deviations in budget execution, identify and correct abnormal deviations; Summarize the budget completion, evaluate the effectiveness of budget execution, and assign the budget work for the next year to ensure closed-loop management. Next, Mingzhi Dong quoted the phrase "anticipate to arrange, arrange to act, act to achieve," and began explaining cost management. Budget becomes cost when it is utilized. The purpose of budget and cost management is to achieve goals by using the minimum budget to create maximum value. Through case studies, he revealed the main contradictions and their connections, impacts, and patterns of development of nine main forms of costs, including risks, internal controls, crises, carbon credits, debt services, violations, etc. He explained the principles of understanding cost concepts, the pathways of analyzing costs, and the methods of managing costs, in order to maximize value and benefits, and achieve strategic goals. Through this lecture, students have gained a clearer understanding of the relevant content involved in the course and are able to integrate theory with practice.
40 postgraduates from School of Management of Liaoning Normal University participated in this activity, reflecting the leading and radiation role of the first-class discipline of School of Accounting, and playing the role of the Liaoning Capital Market Finance and Accounting Graduate Innovation and Academic Exchange Center.
The Practical Experts in Classroom of School of Accounting is generally organized by the teachers inviting off-campus practical experts into the classroom and independently undertake stage teaching tasks, which is a significant reform measure taken by School of Accounting to improve the practical ability of Professional Master students. The student feedback is good and the expected results are achieved. Starting from this semester, the school has decided to comprehensively promote the advanced experience and requires all compulsory courses for Professional Master to organize at least one Practical Experts in Classroom activity every semester. Inviting practical experts into the classroom to teach the latest practices and cases of enterprises or industries can deepen students' understanding of practical work, highlight the practical orientation of graduate courses of professional degree, and improve the quality of talent cultivation for graduate students in School of Accounting.
Experts Profile:
Mingzhi Dong holds a full-time Master degree from Dongbei University of Finance and Economics. He is a senior accountant and part-time supervisor for Master at Dongbei University of Finance and Economics. He is a member of the Senior Accountant Evaluation Committee of Guangdong Province and an expert in Shenzhen Pilot Demonstration Zone Construction Expert Database. He has served as the director, minister, chief accountant, general manager and chairman of the departments of China General Nuclear Power Group and its Daya Bay Nuclear Power Plant, nuclear energy, new energy, environmental protection, and finance companies. He has published dozens of papers in journals such as Accounting Research (Cover Paper) and China Audit, Sino Foreign Management, and Optimization of Capital Construction. He participated in the compilation and publication of several books, including The Handbook of Certified Public Accountants and Financial Accounting for Tourist Hotels. He has been the contributor and columnist for China Securities Journal, Securities Times, and Shanghai Securities News, with a total of hundreds of thousands of words. He has won multiple national and provincial awards, including "Innovation and Practice in Enterprise Financial Risk Evaluation System", "Correlation Analysis between Credit Volume and GDP & CPI", and "X+1/X Algebraic Expression and Its Application". He has taught dozens of courses on Corporation Strategy and Evaluation, Comprehensive Budget and Cost Management, Internal Control and Risk Management, and has been highly welcomed and praised.
