Accounting and Finance : Accounting | Standard Costing
Accounting and finance, Finance, Financial management,
Simpliv LLC
Summary
- Certificate of completion - Free
- Tutor is available to students
Overview
What you will learn
Material variance calculations - Material price, mix, yield and Usage variance
Labour variances - Rate, efficiency and capacity usage
Variable cost variances - Expenditure and efficiency
Fixed cost variances - Variable cost expenditure. Absorption costing Expenditure and Volume variances
Sales variances - Price, volume, Quantity and Mix
You will also learn how to enter the variances in the ledger accounts and how to reconcile the Budget cost to Actual cost.
Reconciliation of Budget profit to Standard profit - to Actual profit is taught in detail
Description
About this Course
This course comprises 4 1/2 hours of teaching on Standard cost variances, the reconciliation of statements and ledger accounts.
There are 6 videos in total of approximately 45 minutes each.
The primary objective of this course is to educate you for life and for your future career as an Accountant who understands how to maximise company profits. The secondary objective is to teach you in a manner that helps you to pass examinations.
Video 1 - Standard costing overview
This video will teach you the fundamentals of Standard costing - why variances are calculated and the objective of reconciling the Budget profit to the actual profit. It will also introduce you to the ledger accounts that are required for a fully integrated Standard costing system.
Video 2 - Material variances
Here you will learn how to calculate all the relevant material variances and how to reconcile Budget cost to Actual cost.
Video 3 - Labour and Variable cost variances
As per Material - variances plus reconciliation.
Video 4 - Fixed cost variances
You will learn the difference between variable and absorption costing systems, the variances for each one and the reconciliation of Budget to Actual.
Video 5 - Sales variances
Sales variances are analysed by value and by profit plus the reconciliation of Budget profit to Standard profit to Actual profit
Video 6 - Tutorial questions
In this session I will teach you how to read a question and how to answer a Standard costing question.
Basic knowledge
Students should have a basic Financial Accounting standard at the first year level. Basis knowledge of ledger accounts, Balance sheet and Income Statement is required
With regard to Managerial Accounting - no prior knowledge is required. This course takes students from a zero knowledge base to an Advanced level
Curriculum
Standard costing overview
Material Variances
Labour and Variable cost variances
Fixed cost Variances
Sales variances
Tutorial Question
Who is this course for?
Under-graduate as well as post-graduate students
Questions and answers
Currently there are no Q&As for this course. Be the first to ask a question.
Certificates
Certificate of completion
Digital certificate - Included
Reviews
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Legal information
This course is advertised on reed.co.uk by the Course Provider, whose terms and conditions apply. Purchases are made directly from the Course Provider, and as such, content and materials are supplied by the Course Provider directly. Reed is acting as agent and not reseller in relation to this course. Reed's only responsibility is to facilitate your payment for the course. It is your responsibility to review and agree to the Course Provider's terms and conditions and satisfy yourself as to the suitability of the course you intend to purchase. Reed will not have any responsibility for the content of the course and/or associated materials.
