3.11 Standard costing and variance analysis
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Additional information |
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The purpose, advantages and disadvantages of a standard costing system. |
The purpose will include understanding relevant terminology: standard cost, variance analysis. |
Calculation and interpretation of variances. |
Variances are:
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The interrelationship between variances. |
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How to prepare statements and the use of accounting techniques to reconcile budgeted and actual figures. |
Reconciliation could be of:
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