Flexible Budgets Standard Costs Variance Analysis

Maximizing Financial Insight: Mastering Variance Analysis and Budgeting for Strategic Decision-Making
Flexible Budgets Standard Costs Variance Analysis
File Size :
3.69 GB
Total length :
7h 58m

Category

Instructor

Robert (Bob) Steele

Language

Last update

6/2019

Ratings

4.3/5

Flexible Budgets Standard Costs Variance Analysis

What you’ll learn

Differentiate between managerial accounting and financial accounting, understanding their distinct roles and objectives in business decision-making.
Apply flexible budgeting techniques, demonstrating an understanding of their benefits and how they can be utilized to adapt to changing business conditions.
Analyze standard costs and perform cost variance analysis, interpreting the variances to identify areas of cost inefficiencies and opportunities for improvement
Calculate and interpret sales variances, evaluating the impact of sales performance on overall profitability and making informed decisions based on the analysis
Perform direct materials variance analysis, assessing the efficiency and effectiveness of material usage and identifying potential cost-saving opportunities.
Evaluate direct labor variances, understanding the factors that contribute to labor cost variations and implementing strategies for better labor cost management
Interpret overhead variances, analyzing the discrepancies between actual and budgeted overhead costs and identifying potential areas for cost control.
Solve comprehensive problems related to overhead variance analysis and variance analysis, integrating knowledge and skills to make informed decisions and provid
Apply Excel skills to construct and analyze budgets, utilizing preformatted worksheets and step-by-step instructional videos for effective budgeting processes.
Demonstrate critical thinking and problem-solving abilities in real-world scenarios, utilizing variance analysis and budgeting techniques to support strategic d

Flexible Budgets Standard Costs Variance Analysis

Requirements

Basic Accounting Knowledge: Familiarity with fundamental accounting principles, including an understanding of financial statements, terminology, and basic accounting concepts.
Managerial Accounting Foundations: A solid understanding of managerial accounting principles, such as cost behavior, cost classification, cost-volume-profit analysis, and basic cost accounting techniques.
Willingness to Learn: An eagerness to expand knowledge in managerial accounting tools, variance analysis, and cost management, along with a commitment to actively engage with course materials, participate in hands-on exercises, and apply learned concepts.

Description

This comprehensive Udemy course combines insights from college topics generally covered by managerial accounting textbooks with practical applications to provide a deep understanding of essential tools in managerial accounting.To set the right foundation, we begin by introducing managerial accounting topics and contrasting them with financial accounting. This establishes the correct mindset for the course, ensuring a clear understanding of the distinctive features and objectives of managerial accounting.We then delve into flexible budgets, exploring their advantages over static or fixed budgets. Through interactive example problems and step-by-step instructional videos, you will grasp the benefits of flexible budgets and learn how to utilize them effectively.Next, we define and analyze standard costs and cost variance analysis. While providing an overview of cost variance analysis concepts, we will progressively dive deeper into each topic, equipping you with practical skills to identify and interpret cost variances.Sales variance analysis will be thoroughly covered, including its purpose, calculation methods, and real-world applications. By working through example problems and following detailed instructional videos, you will gain hands-on experience in calculating sales variances.Direct materials variance analysis will be explored comprehensively, demonstrating its practical use and calculation methods. Through instructional videos and example problems, you will master the application of direct materials variance analysis concepts.Direct labor variance analysis will also receive extensive attention, ensuring a comprehensive understanding of its purpose and applications. Through instructional videos and practical examples, you will acquire the skills to calculate and interpret direct labor variances.Overhead variance analysis will be discussed in detail, highlighting its significance in cost management. You will understand why overhead variance analysis is used and learn how to calculate and analyze overhead variances. Through demonstration presentations, example problems, and step-by-step instructional videos, you will navigate the intricacies of overhead variance analysis.As a capstone, we will provide comprehensive problems on overhead variance and variance analysis. With preformatted Excel worksheets and accompanying instructional videos, you will have the opportunity to apply your knowledge and skills in solving complex variance analysis scenarios. The Excel worksheets will guide you through the step-by-step problem-solving process, enabling a hands-on experience to reinforce your understanding.Join us on this transformative journey of mastering managerial and cost accounting tools. Enroll now and unlock the power of variance analysis and budgeting for effective decision-making and financial management.

Overview

Section 1: Introduction

Lecture 1 Introduction

Lecture 2 PDF – 150 Budgetary Controls and Reporting

Lecture 3 150 Budgetary Controls and Reporting

Lecture 4 PDF – 160 Budget Options

Lecture 5 160 Budget Options

Lecture 6 Multiple Choice Questions 1

Lecture 7 Accounting Comic

Section 2: Managerial Accounting Review

Lecture 8 2 Managerial Accounting Overview

Lecture 9 PDF – 10 Managerial Accounting Introduction

Lecture 10 10 Managerial Accounting Introduction

Lecture 11 PDF – 20 Cost Classifications

Lecture 12 20 Cost Classifications

Lecture 13 PDF – 30 Product Costs & Period Costs.ENCODING

Lecture 14 30 Product Costs & Period Costs.ENCODING

Lecture 15 PDF – 40 Prime Costs & Conversion Costs

Lecture 16 40 Prime Costs & Conversion Costs

Lecture 17 PDF – 50 Manufacturer’s Balance Sheet

Lecture 18 50 Manufacturer’s Balance Sheet

Lecture 19 PDF – 60 Manufacturer’s Income Statement

Lecture 20 60 Manufacturer’s Income Statement

Lecture 21 PDF – 70 Manufacturing Activities Flow

Lecture 22 70 Manufacturing Activities Flow

Lecture 23 PDF – 80 Just In Time (JIT) Manufacturing

Lecture 24 80 Just In Time (JIT) Manufacturing

Lecture 25 Multiple Choice Questions 2

Lecture 26 Accounting Comic

Section 3: Flexible Budget

Lecture 27 3 Flexible Budget

Lecture 28 PDF – 170 Flexible Budget Benefits

Lecture 29 170 Flexible Budget Benefits

Lecture 30 PDF – 175 Flexible Budget

Lecture 31 175 Flexible Budget

Lecture 32 Download Backup Files

Lecture 33 Worksheet – 175 Flexible Budget

Lecture 34 177 Flexible Budget Compared To Actual

Lecture 35 Excel Worksheet Download

Lecture 36 Worksheet – 177 Flexible budget compared to actual part 1

Lecture 37 Worksheet – 178 Flexible budget compared to actual part 2

Lecture 38 Multiple Choice Questions 3

Lecture 39 Accounting Comic

Section 4: Standard Costs & Cost Variance Analysis Overview

Lecture 40 4 Standard Costs & Cost Variance Analysis Overview

Lecture 41 PDF – 180 Standard Costs

Lecture 42 180 Standard Costs

Lecture 43 PDF – 190 Cost Variance Analysis

Lecture 44 190 Cost Variance Analysis

Lecture 45 Multiple Choice Questions 4

Lecture 46 Accounting Comic

Section 5: Sales Variance Analysis

Lecture 47 5 Sales Variance Analysis

Lecture 48 PDF – 195 Sales Price & Volume Variance

Lecture 49 195 Sales Price & Volume Variance

Lecture 50 Excel Download

Lecture 51 Worksheet – 195 Sales Price & Volume Variance

Lecture 52 Multiple Choice Questions 5

Lecture 53 Accounting Comic

Section 6: Direct Materials Variance Analysis

Lecture 54 6 Direct Materials Variance Analysis

Lecture 55 PDF – 196 Variance Analysis Direct Material Price Variance & Quantity Variance

Lecture 56 196 Variance Analysis Direct Material Price Variance & Quantity Variance

Lecture 57 Excel Worksheet Download

Lecture 58 Worksheet – 196 Variance analysis part 1 direct materials price and quantity var

Lecture 59 Multiple Choice Questions 6

Lecture 60 Accounting Comic

Section 7: Direct Labor Variance Analysis

Lecture 61 7 Direct Labor Variance Analysis

Lecture 62 PDF – 200 Variance Analysis Direct Labor Rate Variance & Efficiency Variance 230

Lecture 63 200 Variance Analysis Direct Labor Rate Variance & Efficiency Variance 2300

Lecture 64 Excel Worksheet Download

Lecture 65 Worksheet – 200 Variance analysis Part 2 direct labor rate and efficiency

Lecture 66 Multiple Choice Questions 7

Lecture 67 Accounting Comic

Section 8: Overhead Variance Analysis

Lecture 68 8 Overhead Variance Analysis

Lecture 69 PDF – 310 Overhead Cost Variances

Lecture 70 310 Overhead Cost Variances

Lecture 71 Excel Worksheet Download

Lecture 72 Worksheet – 310 Overhead Controllable Variance & Volume Variance

Lecture 73 Excel Worksheet Download

Lecture 74 Worksheet – 312 Overhead Spending & Efficiency Variance

Lecture 75 Multiple Choice Questions 8

Lecture 76 Multiple Choice Questions 9

Lecture 77 Short Calculation Questions

Lecture 78 Accounting Comic

Section 9: Overhead Variance Comprehensive Problem

Lecture 79 9 Overhead Variance Comprehensive Problem

Lecture 80 Excel Worksheet Download

Lecture 81 Worksheet – 400 overhead Variance Comp

Lecture 82 Accounting Comic

Section 10: Comprehensive Problem

Lecture 83 10 Comprehensive Problem

Lecture 84 Excel Worksheet Download

Lecture 85 Comp Prob 1 Data

Lecture 86 Comp Prob 2 Flexible Overhead Budgets

Lecture 87 Comp Prob 3 Direct materials cost variance

Lecture 88 Comp Prob 4 Direct labor cost variance

Lecture 89 Comp Prob 5 Overhead Variance Report

Lecture 90 Multiple Choice Questions 10

Lecture 91 Accounting Comic

Accounting Professionals: Accountants seeking to enhance their expertise in managerial accounting tools and cost analysis, and those looking to specialize in managerial accounting roles.,Finance Professionals: Financial analysts, financial managers, and professionals in finance-related roles who want to expand their knowledge of managerial accounting and develop proficiency in variance analysis and cost management.,Business Owners and Entrepreneurs: Small business owners and entrepreneurs who want to gain insights into cost analysis and budgeting techniques to optimize business performance and financial decision-making.,Aspiring Managers: Individuals aspiring to managerial positions who wish to develop a comprehensive understanding of managerial accounting tools and techniques to support strategic planning and decision-making.,Business and Accounting Students: Students pursuing degrees in business, finance, accounting, or related fields who want to complement their academic knowledge with practical skills in managerial accounting and variance analysis.,Anyone Interested in Financial Analysis: Individuals with a keen interest in understanding financial performance, cost management, and budgeting for effective decision-making.

Course Information:

Udemy | English | 7h 58m | 3.69 GB
Created by: Robert (Bob) Steele

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