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Standard Costing and Variance Study - Management Accounting
Rating: 4.2 out of 5(9 ratings)
42 students

Standard Costing and Variance Study - Management Accounting

Professionally designed course for CA/CS/CWA/ACCA or Any other University student to get Best Knowledge.
Created byChartered Accountant Sanjeev Mittal
Last updated 9/2021
English

What you'll learn

  • Calculation of All Kinds of Variance in Standard Costing
  • All Material, Labour and Overhead Variances
  • Systematic Charts in Excel for Visualization of Variances
  • Practice Exercise of Each and Every Variance
  • For CA/CS/CWA/ACCA and any University Student around globe

Explore related topics

Course content

1 section • 51 lectures • 6h 29m total length

  • Introduction About Standard Costing16:17
  • Organizations' Where Standard Costing System is Used2:16
  • Difference between Standards and Budgets5:39
  • Setting Direct Material Standards4:13

    Set direct material standards by defining a bill of material, determining standard quantities from past experience, and establishing standard prices from supplier quotations for Apple mobile production.

  • Setting Direct Labour Standards4:15
  • Setting Overheads Standards6:30
  • Total Cost Variance Chart and Structure14:28
  • Material Price Variance11:27
  • MS Excel Chart Visualization -Material Price Variance3:02
  • Material Usage Variance18:01
  • Excel Chart Visualization - Material Usage Variance3:30
  • Total Material Cost Variance14:38
  • Material Cost Variance - Direct Calculations8:18
  • Direct Labour Rate Variance4:27
  • Excel Chart Visualization - Direct Labour Rate Variance2:49
  • Understanding Total Standard Hours Produced4:02
  • Direct Labour Efficiency Variance10:05
  • Excel Chart Visualization - Direct Labour Efficiency Variance3:01
  • Total Direct Labour Cost Variance - Direct Calculations5:54
  • Variable Overhead Expenditure Variance5:48
  • Excel Chart Visualization - Variable OH Expenditure Variance2:18
  • Variable Overhead Efficiency Variance5:32
  • Excel Chart Visualization - Variable OH Efficiency Variance2:55
  • Total Variable Overhead Cost Variance5:31
  • Total Variable Overhead Cost Variance - Direct Calculations1:30
  • Important : Summarizing Material, Labour and Overhead Variance Formula's6:49
  • Fixed Overhead Volume Variance - Part 119:54
  • Fixed Overhead Volume Variance - Part 28:58
  • Fixed Overhead Volume Variance - Part 36:31
  • Excel Chart Visualization - Fixed Overhead Volume Variance8:10
  • Fixed Overhead Volume Variance - Part 46:37
  • Excel Chart Visualization - Alternative - Method Fixed Overhead Volume Variance2:13
  • Fixed Overhead Expenditure Variance5:21
  • Excel Chart Visualization - Fixed Overhead Expenditure Variance5:21
  • Total Fixed Overhead Cost Variance8:26
  • Introduction to Advance Variances6:07
  • Material Mix Variance Part 115:46
  • Material Mix Variance Part 221:56

    Examine material mix variance by allocating the actual total materials (cocoa, sugar, milk) into the standard 2:1:2 ratio to obtain revised actual quantity, then price differences to compute variance.

  • MS Excel Chart Visualization -Material Mix Variance6:55
  • Material Yield Variance11:18
  • MS Excel Chart Visualization -Material Yield Variance2:20
  • Reconciling all Material Variances3:09
  • Labour Mix Variance Part 115:46
  • Labour Mix Variance Part 211:09
  • Excel Chart Visualization - Direct Labour Mix Variance6:43
  • Labour Yield Variance8:33
  • Excel Chart Visualization - Direct Labour Yield Variance2:38
  • Reconcing Labour Variances2:40
  • Fixed Overhead Efficiency Variance10:19
  • Fixed Overhead Calendar Variance5:26
  • Fixed Overhead Capacity Variance14:09

Requirements

  • Laptop or Mobile to Watch Video Lectures

Description

This is the Best Designed course for Students to learn Standard Costing.

In these Sessions I have put my 6+ Years of experience of Standard Costing and created the best possible course for your understanding.

These sessions are designed in the following manner:

Firstly, you shall learn about the Concepts in a colorful Blackboard (Please see preview)

Secondly, you shall be shown Excel Visualization charts for same concept to make that concept more clearer for you.

Lastly, You shall be tested for those concepts through practical assignment, quiz or questions. 


The Content of This course shall cover following Major Variances:

1. Material Variance (All) - Cost, Usage, Price, Mix and Yield Variances

2. Labour Variances (All) - Cost, Efficiency, Rate, Mix and Sub-usage Variances

3. Variable Overhead Variances (All) - Cost, Expenditure and Efficiency Variances

4. Fixed Overhead Variances (All) - Cost, Volume, Expenditure, Capacity, Calendar and Efficiency Variances

5. Any Other Variances (If needed, Shall be updated further)

Buy the course, I am sure that you will be satisfied. But still if not satisfied then as per Udemy Policy, you can claim 100% refund.

Also If you have any doubts, you can message me and I shall solve that doubt within 48 hours so that we can improve upon that. If you have some question your textbook which you did not understood, you can share that image with me so that I can response you appropriate reply. 


Who this course is for:

  • Beginners - For those who have Never studied Standard Costing will understand each and every concept
  • Intermediate - For those Students who have studied from their College/University/Institute and Still did not understood concepts there.
  • Experts - For those students who have knowledge and want to Polish that in a quick revision manner

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