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Standard Costing

Standard Costing


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.

Overview

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

Course Information

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

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

Under-graduate as well as post-graduate students

• Lifetime Access to Each Course
• Certificate on Completion of Course
• No Extra Charges Or Admin Fees
• Easy Access to Courses
• High Priority Support After Sales.
• Big Discounts on Individual Courses

Course Specifications

Find a wide range of accounting-related courses on our learning platform including Basic Accounting and Bookkeeping. 

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Adult education is the non-credential activity of gaining skills and improved education. 

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Online education is electronically supported learning that relies on the Internet for teacher/student interaction. 

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A short course is a learning programme that gives you combined content or specific skills training in a short period of time. Short courses often lean towards the more practical side of things and have less theory than a university course – this gives you a more hands-on experience within your field of interest.

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Course duration is 24 hours.

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