Flexible Budgets, Standard Costs, & Variance Analysis
4.1 (4 ratings)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
3,326 students enrolled

Flexible Budgets, Standard Costs, & Variance Analysis

Managerial & cost accounting tools - Variance analysis, standard costs, & flexible budgets for better business decisions
4.1 (4 ratings)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
3,326 students enrolled
Last updated 6/2019
English
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Current price: Free Original price: $74.99 Discount: 100% off
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This course includes
  • 8 hours on-demand video
  • 28 downloadable resources
  • Full lifetime access
  • Access on mobile and TV
  • Assignments
  • Certificate of Completion
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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
Expand all 91 lectures 07:59:26
+ Introduction
7 lectures 25:59
PDF - 160 Budget Options
00:08
160 Budget Options
08:47
Multiple Choice Questions 1
05:10
Accounting Comic
00:15
+ Managerial Accounting Review
19 lectures 01:12:44
2 Managerial Accounting Overview
00:18
PDF - 10 Managerial Accounting Introduction
00:08
10 Managerial Accounting Introduction
13:03
PDF - 20 Cost Classifications
00:08
20 Cost Classifications
09:31
PDF - 30 Product Costs & Period Costs.ENCODING
00:08
30 Product Costs & Period Costs.ENCODING
16:25
PDF - 40 Prime Costs & Conversion Costs
00:08
40 Prime Costs & Conversion Costs
05:35
PDF - 50 Manufacturer's Balance Sheet
00:08
50 Manufacturer's Balance Sheet
03:15
PDF - 60 Manufacturer's Income Statement
00:08
60 Manufacturer's Income Statement
08:49
PDF - 70 Manufacturing Activities Flow
00:08
70 Manufacturing Activities Flow
07:51
PDF - 80 Just In Time (JIT) Manufacturing
00:08
80 Just In Time (JIT) Manufacturing
02:58
Multiple Choice Questions 2
03:40
Describe standard costs and how they are used.
Discussion Question 1
1 question
Accounting Comic
00:15
+ Flexible Budget
13 lectures 01:26:12
3 Flexible Budget
00:40
PDF - 170 Flexible Budget Benefits
00:08
170 Flexible Budget Benefits
09:34
PDF - 175 Flexible Budget
00:08
175 Flexible Budget
13:25
Download Backup Files
00:05
Worksheet - 175 Flexible Budget
18:46
177 Flexible Budget Compared To Actual
13:15
Excel Worksheet Download
00:05
Worksheet - 177 Flexible budget compared to actual part 1
13:04
Worksheet - 178 Flexible budget compared to actual part 2
12:29
Multiple Choice Questions 3
04:18
Describe how variance analysis helps managers.
Discussion Question 2
1 question
Accounting Comic
00:15
+ Standard Costs & Cost Variance Analysis Overview
7 lectures 25:58
4 Standard Costs & Cost Variance Analysis Overview
00:25
PDF - 180 Standard Costs
00:08
180 Standard Costs
08:46
PDF - 190 Cost Variance Analysis
00:08
190 Cost Variance Analysis
10:54
Multiple Choice Questions 4
05:22
Compare a fixed and flexible budget.
Discussion Question 3
1 question
Accounting Comic
00:15
+ Sales Variance Analysis
7 lectures 19:39
5 Sales Variance Analysis
00:38
PDF - 195 Sales Price & Volume Variance
00:08
195 Sales Price & Volume Variance
07:28
Excel Download
00:05
Worksheet - 195 Sales Price & Volume Variance
07:05
Multiple Choice Questions 5
04:00
Describe the steps in a budgetary control process.
Discussion Question 4
1 question
Accounting Comic
00:15
+ Direct Materials Variance Analysis
7 lectures 30:23
6 Direct Materials Variance Analysis
00:30
PDF - 196 Variance Analysis Direct Material Price Variance & Quantity Variance
00:08
196 Variance Analysis Direct Material Price Variance & Quantity Variance
12:13
Excel Worksheet Download
00:05
Worksheet - 196 Variance analysis part 1 direct materials price and quantity var
13:00
Multiple Choice Questions 6
04:12
Describe how flexible budgets can be used both before and after a period of activity.
Discussion Question 5
1 question
Accounting Comic
00:15
+ Direct Labor Variance Analysis
7 lectures 21:51
7 Direct Labor Variance Analysis
00:30
PDF - 200 Variance Analysis Direct Labor Rate Variance & Efficiency Variance 230
00:08
200 Variance Analysis Direct Labor Rate Variance & Efficiency Variance 2300
10:48
Excel Worksheet Download
00:05
Worksheet - 200 Variance analysis Part 2 direct labor rate and efficiency
06:11
Multiple Choice Questions 7
03:54
Define sales variances and how they are used.
Discussion Question 6
1 question
Accounting Comic
00:15
+ Overhead Variance Analysis
11 lectures 01:01:39
8 Overhead Variance Analysis
00:32
PDF - 310 Overhead Cost Variances
00:08
310 Overhead Cost Variances
10:55
Excel Worksheet Download
00:05
Worksheet - 310 Overhead Controllable Variance & Volume Variance
16:55
Excel Worksheet Download
00:05
Worksheet - 312 Overhead Spending & Efficiency Variance
10:17
Multiple Choice Questions 8
05:26
Multiple Choice Questions 9
04:15
Short Calculation Questions
12:46
Define direct labor rate and efficiency variances and how they are used.
Discussion Question 7
1 question
Accounting Comic
00:15
+ Overhead Variance Comprehensive Problem
4 lectures 14:56
9 Overhead Variance Comprehensive Problem
00:55
Excel Worksheet Download
00:05
Worksheet - 400 overhead Variance Comp
13:41
Accounting Comic
00:15
+ Comprehensive Problem
9 lectures 01:10:13
10 Comprehensive Problem
00:54
Excel Worksheet Download
00:05
Comp Prob 1 Data
06:22
Comp Prob 2 Flexible Overhead Budgets
15:35
Comp Prob 3 Direct materials cost variance
15:29
Comp Prob 4 Direct labor cost variance
14:52
Comp Prob 5 Overhead Variance Report
07:02
Multiple Choice Questions 10
09:39
Accounting Comic
00:15