Flexible Budgets, Standard Costs, & Variance Analysis

Flexible Budgets, Standard Costs, & Variance Analysis

Flexible Budgets, Standard Costs, & Variance Analysis

Managerial & cost accounting tools – Variance analysis, standard costs, & flexible budgets for better business decisions

Language: english

Note: 4.6/5 (248 notes) 55,826 students

Instructor(s): Robert (Bob) Steele

Last update: 2019-06-06

What you’ll learn

  • Managerial & cost accounting tools
  • Describe general managerial accounting topics
  • Prepare and explain the benefits of a flexible budget
  • Define and describe standard costs and cost variance analysis
  • Discuss the benefits of sales variance analysis and how to calculate it
  • Explain the reasons for materials variance analysis and how to calculate it
  • Express the pros of direct labor variance analysis and describe how to calculate it
  • Describe the benefits of overhead variance analysis and how to use it

 

Requirements

  • An understanding of basic accounting terms

 

Description

Managerial & cost accounting tools

The course will introduce managerial accounting topics that will be used throughout the course, contrasting managerial accounting to financial accounting so that we are in the correct mindset as we move forward.

We will discuss flexible budgets, contrasting flexible budgets with static or fixed budgets, demonstrating the benefits of flexible budgets and how they can be used. We will work example problems related to flexible budgets and provide step by step instructional videos to apply the concepts.

The course will define and analyze standard costs and cost variance analysis, giving an overview of cost variance analysis concepts that we will go into more detail on in later sections.

We will explain sales variance analysis, discussing when it can be used, and how to calculate sales variances. We will provide example problems and step by step instructional videos so we can apply what we learn.

The course will cover direct materials variance analysis, showing what it is, how to use it, and how to calculate direct materials variance analysis. We will demonstrate the concepts listed using instructional videos and using example problems along with step by step instructional videos to complete them.

We will discuss direct labor variance analysis, demonstrating what it is, and how direct labor variance analyst is used. We will demonstrate the concepts with instructional videos and provide example problems and step by step instructional videos to complete them.

The course will discuss overhead variance analysis. We will describe why it is used and how to calculate overhead variance analysis. We will provide demonstration presentations and example problems with step by step instructional videos to help complete them.

We will also include a comprehensive problem on overhead variance and a comprehensive problem on variance analysis. The comprehensive problems will provide preformatted Excel worksheets that we can fill out along with step by step instructional videos. The Excel worksheets will generally have two or three tabs, one tab having the completed problem, the second tab having a preformatted Excel worksheet to work through the problem in a step by step format with instructional videos, and the third tab with a blank sheet that we can use to format our own Excel worksheet.


 

Who this course is for

  • Accounting students
  • Business owners
  • Anyone who whats to learn accounting

 

Course content

  • Introduction
    • Introduction
    • PDF – 150 Budgetary Controls and Reporting
    • 150 Budgetary Controls and Reporting
    • PDF – 160 Budget Options
    • 160 Budget Options
    • Multiple Choice Questions 1
    • Accounting Comic
  • Managerial Accounting Review
    • 2 Managerial Accounting Overview
    • PDF – 10 Managerial Accounting Introduction
    • 10 Managerial Accounting Introduction
    • PDF – 20 Cost Classifications
    • 20 Cost Classifications
    • PDF – 30 Product Costs & Period Costs.ENCODING
    • 30 Product Costs & Period Costs.ENCODING
    • PDF – 40 Prime Costs & Conversion Costs
    • 40 Prime Costs & Conversion Costs
    • PDF – 50 Manufacturer’s Balance Sheet
    • 50 Manufacturer’s Balance Sheet
    • PDF – 60 Manufacturer’s Income Statement
    • 60 Manufacturer’s Income Statement
    • PDF – 70 Manufacturing Activities Flow
    • 70 Manufacturing Activities Flow
    • PDF – 80 Just In Time (JIT) Manufacturing
    • 80 Just In Time (JIT) Manufacturing
    • Multiple Choice Questions 2
    • Discussion Question 1
    • Accounting Comic
  • Flexible Budget
    • 3 Flexible Budget
    • PDF – 170 Flexible Budget Benefits
    • 170 Flexible Budget Benefits
    • PDF – 175 Flexible Budget
    • 175 Flexible Budget
    • Download Backup Files
    • Worksheet – 175 Flexible Budget
    • 177 Flexible Budget Compared To Actual
    • Excel Worksheet Download
    • Worksheet – 177 Flexible budget compared to actual part 1
    • Worksheet – 178 Flexible budget compared to actual part 2
    • Multiple Choice Questions 3
    • Discussion Question 2
    • Accounting Comic
  • Standard Costs & Cost Variance Analysis Overview
    • 4 Standard Costs & Cost Variance Analysis Overview
    • PDF – 180 Standard Costs
    • 180 Standard Costs
    • PDF – 190 Cost Variance Analysis
    • 190 Cost Variance Analysis
    • Multiple Choice Questions 4
    • Discussion Question 3
    • Accounting Comic
  • Sales Variance Analysis
    • 5 Sales Variance Analysis
    • PDF – 195 Sales Price & Volume Variance
    • 195 Sales Price & Volume Variance
    • Excel Download
    • Worksheet – 195 Sales Price & Volume Variance
    • Multiple Choice Questions 5
    • Discussion Question 4
    • Accounting Comic
  • Direct Materials Variance Analysis
    • 6 Direct Materials Variance Analysis
    • PDF – 196 Variance Analysis Direct Material Price Variance & Quantity Variance
    • 196 Variance Analysis Direct Material Price Variance & Quantity Variance
    • Excel Worksheet Download
    • Worksheet – 196 Variance analysis part 1 direct materials price and quantity var
    • Multiple Choice Questions 6
    • Discussion Question 5
    • Accounting Comic
  • Direct Labor Variance Analysis
    • 7 Direct Labor Variance Analysis
    • PDF – 200 Variance Analysis Direct Labor Rate Variance & Efficiency Variance 230
    • 200 Variance Analysis Direct Labor Rate Variance & Efficiency Variance 2300
    • Excel Worksheet Download
    • Worksheet – 200 Variance analysis Part 2 direct labor rate and efficiency
    • Multiple Choice Questions 7
    • Discussion Question 6
    • Accounting Comic
  • Overhead Variance Analysis
    • 8 Overhead Variance Analysis
    • PDF – 310 Overhead Cost Variances
    • 310 Overhead Cost Variances
    • Excel Worksheet Download
    • Worksheet – 310 Overhead Controllable Variance & Volume Variance
    • Excel Worksheet Download
    • Worksheet – 312 Overhead Spending & Efficiency Variance
    • Multiple Choice Questions 8
    • Multiple Choice Questions 9
    • Short Calculation Questions
    • Discussion Question 7
    • Accounting Comic
  • Overhead Variance Comprehensive Problem
    • 9 Overhead Variance Comprehensive Problem
    • Excel Worksheet Download
    • Worksheet – 400 overhead Variance Comp
    • Accounting Comic
  • Comprehensive Problem
    • 10 Comprehensive Problem
    • Excel Worksheet Download
    • Comp Prob 1 Data
    • Comp Prob 2 Flexible Overhead Budgets
    • Comp Prob 3 Direct materials cost variance
    • Comp Prob 4 Direct labor cost variance
    • Comp Prob 5 Overhead Variance Report
    • Multiple Choice Questions 10
    • Accounting Comic

 

Flexible Budgets, Standard Costs, & Variance AnalysisFlexible Budgets, Standard Costs, & Variance Analysis

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