Flexible Budgets, Standard Costs, & Variance Analysis from Udemy

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.

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Examines core managerial accounting topics, including flexible budgets, standard costs, variance analysis, and overhead analysis

Emphasizes the use of real-world examples and step-by-step instructional videos to enhance comprehension

Teaches practical skills and concepts that are immediately applicable in managerial accounting roles

Provides comprehensive Excel worksheets with step-by-step instructions for hands-on practice

Taught by Robert (Bob) Steele, an experienced instructor in managerial accounting

Assumes prior knowledge of basic accounting principles, making it most suitable for intermediate learners

Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Flexible Budgets, Standard Costs, & Variance Analysis with these activities:

Review Financial & Cost Accounting Book

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Reviewing this book will help fill in any gaps you may have with financial and cost accounting knowledge, and it will serve as a good refresher for those concepts.

View Financial Accounting, eBook, Global Edition on Amazon

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Read the first three chapters of the book.
Complete the practice problems at the end of each chapter.
Take notes on the key concepts covered in each chapter.

Participate in a Variance Analysis Study Group

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Engaging in discussions and working together with peers will enhance your understanding of variance analysis and provide diverse perspectives.

Browse courses on Variance Analysis

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Join or form a study group with classmates.
Meet regularly to discuss variance analysis concepts.
Work together to solve problems and case studies.

Analyze Standard Cost Variances

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Work through standard cost variance analysis problems to build confidence in this area.

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Calculate the standard cost of a product.
Calculate the actual cost of a product.
Compute the variances and analyze the results.

Two other activities

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Create a Sales Variance Analysis Presentation

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Creating a presentation on sales variance analysis will reinforce your understanding of the topic and develop your presentation skills.

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Gather data on sales variances.
Analyze the data and identify trends.
Develop a presentation that explains the findings.
Present the findings to your classmates or colleagues.

Develop an Overhead Variance Analysis Report

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This hands-on activity will provide valuable experience in analyzing overhead variances.

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Gather data on overhead variances.
Analyze the data and identify trends.
Develop a report that explains the findings.
Present the report to your classmates or colleagues.

Career center

Learners who complete Flexible Budgets, Standard Costs, & Variance Analysis will develop knowledge and skills that may be useful to these careers:

Management Accountant

Management Accountants use managerial accounting tools, like flexible budgets, standard costs, and variance analysis, to assist management in making informed decisions. By understanding the underlying principles and applications of these concepts, individuals can enhance their ability to contribute to the success of an organization.

See salaries and explore the career path for Management Accountant

Financial Analyst

Financial Analysts use managerial accounting topics to provide critical insights into the financial performance and health of an organization. Flexible budgets, standard costs, and variance analysis are essential tools for understanding the efficiency and effectiveness of a company's operations. This course provides a solid foundation in these concepts, giving individuals the knowledge and skills to succeed in this role.

See salaries and explore the career path for Financial Analyst

Internal Auditor

Internal Auditors use managerial accounting tools to evaluate the efficiency and effectiveness of an organization's internal controls. This course provides a foundation in flexible budgets, standard costs, and variance analysis, which are essential for understanding the financial operations of a company.

See salaries and explore the career path for Internal Auditor

Cost Accountant

Cost Accountants utilize flexible budgets, standard costs, and variance analysis to improve the efficiency and effectiveness of an organization's operations. This course provides a foundation in these concepts, which are critical for understanding and managing the costs associated with producing goods and services.

See salaries and explore the career path for Cost Accountant

Budget Analyst

Budget Analysts rely on flexible budgets to create and manage budgets for organizations. This course provides a comprehensive understanding of flexible budgets, including how to develop, implement, and control them, which is essential for success in this role.

See salaries and explore the career path for Budget Analyst

Performance Improvement Manager

Performance Improvement Managers use flexible budgets, standard costs, and variance analysis to identify areas for improvement within an organization's operations. This course provides a comprehensive understanding of these tools, which are essential for developing and implementing performance improvement initiatives.

See salaries and explore the career path for Performance Improvement Manager

Operations Manager

Operations Managers use managerial accounting tools to optimize the efficiency and effectiveness of an organization's operations. This course provides a foundation in flexible budgets, standard costs, and variance analysis, which are critical for understanding the financial implications of operational decisions.

See salaries and explore the career path for Operations Manager

Auditor

Auditors use managerial accounting tools, including flexible budgets, standard costs, and variance analysis, to examine and evaluate financial records. This course provides a foundation in these concepts, which are critical for understanding the financial health and performance of organizations.

See salaries and explore the career path for Auditor

Chief Financial Officer

Chief Financial Officers rely on flexible budgets, standard costs, and variance analysis to make informed decisions and provide financial leadership. This course provides a broad understanding of these concepts, which are essential for navigating the financial challenges and opportunities faced by organizations.

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Accountant

Accountants use managerial accounting tools, including flexible budgets, standard costs, and variance analysis, to prepare financial statements and provide financial information. This course provides a foundation in these concepts, which are essential for understanding the financial operations of organizations.

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Financial Planner

Financial Planners may use managerial accounting tools, including flexible budgets, standard costs, and variance analysis, to help clients make informed financial decisions. This course provides a foundation in these concepts, which can be beneficial for understanding the financial implications of financial planning decisions.

See salaries and explore the career path for Financial Planner

Market Researcher

Market Researchers may use managerial accounting tools, including flexible budgets, standard costs, and variance analysis, to understand the financial implications of marketing decisions. This course provides a foundation in these concepts, which can be beneficial for developing and implementing effective marketing strategies.

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Business Analyst

Business Analysts may use managerial accounting tools, including flexible budgets, standard costs, and variance analysis, to evaluate the financial performance of businesses. This course provides a foundation in these concepts, which can be beneficial for understanding the financial implications of business decisions.

See salaries and explore the career path for Business Analyst

Data Analyst

Data Analysts may use managerial accounting tools, including flexible budgets, standard costs, and variance analysis, to analyze financial data. This course provides a foundation in these concepts, which can be beneficial for developing and implementing data analysis techniques.

See salaries and explore the career path for Data Analyst

Risk Manager

Risk Managers may use managerial accounting tools, including flexible budgets, standard costs, and variance analysis, to assess and manage financial risks. This course provides a foundation in these concepts, which can be beneficial for understanding the financial implications of risk management decisions.

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Flexible Budgets, Standard Costs, & Variance Analysis

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