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Financial Analysis: Accounting Variance Analysis

Financial Analysis: Accounting Variance Analysis | CPD Accredited | 10 CPD points/credits


CPD Courses

Summary

Price
£12 inc VAT
Study method
Online
Duration
10 hours · Self-paced
Qualification
No formal qualification
CPD
10 CPD hours / points
Additional info
  • Exam(s) / assessment(s) is included in price
  • Tutor is available to students

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Overview

Accounting Variance Analysis

Variance analysis is a kind of quantitative investigation which finds the difference between planned and actual behaviour. To exercise budgetary control, variance analysis is a very significant tool because it is used to maintain control over the business.

This unit aims to describe the different ways in which the management might monitor and guide the operations of a business to accomplish the required goals, mainly in respect of costs and sales. It also explains variance, direct material variances, direct material price variance, direct labour variances, direct labour (wages) rate variance and direct labour efficiency (time) variance.

Moreover, various topics such as overhead cost variance (OCV), variable overheads cost variance (VOCV), fixed overhead cost variance (FOCV), sales price variance, control of variances and variance reporting will be comprehensively discussed in this unit.

CPD

10 CPD hours / points
Accredited by The CPD Standards Office

Course media

Description

Accounting Variance Analysis

Objectives:

After completing this course learners will be able to:

Describe the ways in which the management might monitor and guide the operations of a business to meet the desired goals, particularly in respect of costs and sales.

  • Identify the factors responsible for deviation of actual performance from the standard performance and know how to take the necessary remedial measures.

Program Content:

Lesson(s):

Introduction to Variance Analysis

Topics:

  • Meaning of Variance
  • Direct Material Variances
  • Direct Material Price Variance
  • Direct Labour Variances
  • Direct Labour (Wages) Rate Variance
  • Direct Labour Efficiency (Time) Variance
  • Overhead Cost Variance (OCV)
  • Variable Overheads Cost Variance (VOCV)
  • Fixed Overhead Cost Variance (FOCV)
  • Sales Price Variance
  • Control of Variances

Who is this course for?

Accounting Variance Analysis

Target Audience:

  • New or recent recruits to banking and financial organisations
  • Operations and support staff
  • Finance and accounting staff
  • Dealers and Traders

Requirements

Accounting Variance Analysis

No prior knowledge is required to take this unit.

*Note: This is an independent unit not a complete course so does not equalize to a course. This will give you 10 CPD points to add on your CV. At the end of the unit, you can claim CPD Accredited unit by paying £35 accreditation fee and postal charges (£9 for UK students, £15 for outside UK).

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FAQs

Study method describes the format in which the course will be delivered. At Reed Courses, courses are delivered in a number of ways, including online courses, where the course content can be accessed online remotely, and classroom courses, where courses are delivered in person at a classroom venue.

CPD stands for Continuing Professional Development. If you work in certain professions or for certain companies, your employer may require you to complete a number of CPD hours or points, per year. You can find a range of CPD courses on Reed Courses, many of which can be completed online.

A regulated qualification is delivered by a learning institution which is regulated by a government body. In England, the government body which regulates courses is Ofqual. Ofqual regulated qualifications sit on the Regulated Qualifications Framework (RQF), which can help students understand how different qualifications in different fields compare to each other. The framework also helps students to understand what qualifications they need to progress towards a higher learning goal, such as a university degree or equivalent higher education award.

An endorsed course is a skills based course which has been checked over and approved by an independent awarding body. Endorsed courses are not regulated so do not result in a qualification - however, the student can usually purchase a certificate showing the awarding body's logo if they wish. Certain awarding bodies - such as Quality Licence Scheme and TQUK - have developed endorsement schemes as a way to help students select the best skills based courses for them.