Budgeting & Standard (AIR,Ex- KPMG) : ACCA | CA | CIMA | PG

Name: Budgeting & Standard (AIR,Ex- KPMG) : ACCA | CA | CIMA | PG
Rating: 3.8 (100 reviews)

Most simplified standard costing and budgeting.

Last updated 4/2020

English

English [Auto],

What you'll learn

2 sections • 9 lectures • 1h 33m total length

Budgetary Process and Additional Aspect9:23
Identify objectives, develop and evaluate budgeting strategies, translate them into plans, and execute with control and feedback within a master budget that aligns with long-term goals.
Different Approaches to Budgeting8:19
Explore fixed and flexible budgeting, incremental and rolling budgets, zero-based budgeting, and activity-based budgeting, including when to apply each approach and their limitations.
High Low and Learning Curve9:56
Apply the yield method in budgeting and standard costing to separate fixed and variable costs. Explore the learning curve with tabular and algebraic methods.

Introduction to Standard Costing11:02
Explore what standard costs are, how to calculate them, and why they matter, including their link to budgets, different standard types, and how variances drive performance analysis.
How to Calculate Variances?10:50
Compute variances by comparing actual performance with standard costs, separating price and quantity variances, and analyze overhead variances, including capacity and efficiency, in budgetary and absorption costing contexts.
Mix and Yield Variances9:50
Understand mix and yield variances by redistributing actual inputs into the standard mix, comparing input to output, and analyzing favorable and unfavorable variances.
Analyzing Variances & Operating Statements9:59
Compare budgeted profit to actual profit via the operating statement, analyzing labor, variable and fixed overhead variances, and controllable factors.
Planning and Operational Variances11:57
Compare budgeted versus actual performance to analyze planning and operational variances and revise budgets when external factors demand it, while considering responsibility accounting and cost controls.
Behavioral Aspects of Budgeting and Standards12:22
Explore how budgeting variances and standard costing interact with budgeting types, reveal implementation risks, and compare top-down, bottom-up, and negotiated budgeting alongside standards, JIT, and TQM to improve organizational performance.

This very short course will be focusing on budgeting, standard costing and variance analysis.

We have created the most simplified video explanation explaining these topics, we will be learning :

How to prepare budgets and aspects to consider.

Fixed, flexible, incremental, rolling, zero-based and activity based budgeting.

Quantitative analysis tools.

Basics of standard costing, relationship with budgeting and types of standards.

Understanding variance formulas and calculation.

Concept of mix and yield variances and understanding through an example.

References based on which to analyze variances and explanation of operating statement.

How to calculate and interpret planning and operational variances. Principle of controllability.

Additional aspect to consider with respect to budgets and standards.