Flexible Budgets, Standard Costs, & Variance Analysis

Maximizing Financial Insight: Mastering Variance Analysis and Budgeting for Strategic Decision-Making

4.23 (332 reviews)
Udemy
platform
English
language
Management
category
64,712
students
8 hours
content
Jun 2019
last update
$49.99
regular price

What you will 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

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.

Content

Introduction

Introduction
PDF - 150 Budgetary Controls and Reporting
150 Budgetary Controls and Reporting
PDF - 160 Budget Options
160 Budget Options
Multiple Choice Questions 1
Accounting Comic

Managerial Accounting Review

2 Managerial Accounting Overview
PDF - 10 Managerial Accounting Introduction
10 Managerial Accounting Introduction
PDF - 20 Cost Classifications
20 Cost Classifications
PDF - 30 Product Costs & Period Costs.ENCODING
30 Product Costs & Period Costs.ENCODING
PDF - 40 Prime Costs & Conversion Costs
40 Prime Costs & Conversion Costs
PDF - 50 Manufacturer's Balance Sheet
50 Manufacturer's Balance Sheet
PDF - 60 Manufacturer's Income Statement
60 Manufacturer's Income Statement
PDF - 70 Manufacturing Activities Flow
70 Manufacturing Activities Flow
PDF - 80 Just In Time (JIT) Manufacturing
80 Just In Time (JIT) Manufacturing
Multiple Choice Questions 2
Accounting Comic

Flexible Budget

3 Flexible Budget
PDF - 170 Flexible Budget Benefits
170 Flexible Budget Benefits
PDF - 175 Flexible Budget
175 Flexible Budget
Download Backup Files
Worksheet - 175 Flexible Budget
177 Flexible Budget Compared To Actual
Excel Worksheet Download
Worksheet - 177 Flexible budget compared to actual part 1
Worksheet - 178 Flexible budget compared to actual part 2
Multiple Choice Questions 3
Accounting Comic

Standard Costs & Cost Variance Analysis Overview

4 Standard Costs & Cost Variance Analysis Overview
PDF - 180 Standard Costs
180 Standard Costs
PDF - 190 Cost Variance Analysis
190 Cost Variance Analysis
Multiple Choice Questions 4
Accounting Comic

Sales Variance Analysis

5 Sales Variance Analysis
PDF - 195 Sales Price & Volume Variance
195 Sales Price & Volume Variance
Excel Download
Worksheet - 195 Sales Price & Volume Variance
Multiple Choice Questions 5
Accounting Comic

Direct Materials Variance Analysis

6 Direct Materials Variance Analysis
PDF - 196 Variance Analysis Direct Material Price Variance & Quantity Variance
196 Variance Analysis Direct Material Price Variance & Quantity Variance
Excel Worksheet Download
Worksheet - 196 Variance analysis part 1 direct materials price and quantity var
Multiple Choice Questions 6
Accounting Comic

Direct Labor Variance Analysis

7 Direct Labor Variance Analysis
PDF - 200 Variance Analysis Direct Labor Rate Variance & Efficiency Variance 230
200 Variance Analysis Direct Labor Rate Variance & Efficiency Variance 2300
Excel Worksheet Download
Worksheet - 200 Variance analysis Part 2 direct labor rate and efficiency
Multiple Choice Questions 7
Accounting Comic

Overhead Variance Analysis

8 Overhead Variance Analysis
PDF - 310 Overhead Cost Variances
310 Overhead Cost Variances
Excel Worksheet Download
Worksheet - 310 Overhead Controllable Variance & Volume Variance
Excel Worksheet Download
Worksheet - 312 Overhead Spending & Efficiency Variance
Multiple Choice Questions 8
Multiple Choice Questions 9
Short Calculation Questions
Accounting Comic

Overhead Variance Comprehensive Problem

9 Overhead Variance Comprehensive Problem
Excel Worksheet Download
Worksheet - 400 overhead Variance Comp
Accounting Comic

Comprehensive Problem

10 Comprehensive Problem
Excel Worksheet Download
Comp Prob 1 Data
Comp Prob 2 Flexible Overhead Budgets
Comp Prob 3 Direct materials cost variance
Comp Prob 4 Direct labor cost variance
Comp Prob 5 Overhead Variance Report
Multiple Choice Questions 10
Accounting Comic

Screenshots

Flexible Budgets, Standard Costs, & Variance Analysis - Screenshot_01Flexible Budgets, Standard Costs, & Variance Analysis - Screenshot_02Flexible Budgets, Standard Costs, & Variance Analysis - Screenshot_03Flexible Budgets, Standard Costs, & Variance Analysis - Screenshot_04

Reviews

Michelsone
February 5, 2022
This course is definitely a good match since my professional duty focuses on budget and doing variance analysis. This information has increased my knowledge in other areas to focus for annual budget prep.
Patricia
July 2, 2021
Was an interesting course. I don't think I can apply to my company as we provide services not products but even though was quite interesting with a few excel spreadsheet for practice.
Nouran
January 30, 2021
there were very helpful thing that the video have such like a lyrics that helps to understand more than you could to the people whom the mother language not the English language ,and the presentation was so easy and nice to one have notice before about budgets and accounting in general . thanks .
William
July 23, 2020
Excellent course. Instructor did a fantastic job presenting information in an easily understood format.
Rechal
June 20, 2020
This course is for a school student, there is no practical exposure and its only a basic of standard costing. As per the description of the course, the content need to be of very high standard compared to what it is. Unnecessary, the number of slides have been increased in course by putting comic joke or pdf separate slide to download. This course is not at all for practical knowledge as even the practical problem considered is of a very basic level.
Mahdi
April 22, 2020
The course is excellent, the teacher explains well, and scientific resources are available such as PDF books and an Excel file for hands-on training. Thanks to the teacher and thank you for your great educational website.
Dr.
April 18, 2020
It is nicely composed, ordered and connected with content explanation. Content is systematically with practical problems. Thanks
Bouchoucha
April 8, 2020
un trés long court car il'a beaucoup de répition dans le contenu j'ai vraiment 20% de valeau ajouté . a very long course because the narrateur repeat word for unusless causes ,i had 20% if additive value
Islam
March 27, 2020
now i am responsible for preparing budget for this year and i want to,learn how i make it and how i can achieve the budget
Onyeka
March 27, 2020
Well structure course I love, very simple to understand but I can assess the discussed questions, that part need to be look into.

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Related Topics

2342436
udemy ID
4/28/2019
course created date
8/25/2019
course indexed date
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