Budget is typically agreed before the start of the financial period which it covers. As the period passes, the actual performance is then compared to the budget as a benchmark. To gain more detail, variance analysis is used which is covered in the course including topics such as standard cost, materials and labour cost and usage.
By completing this course, you will be able to:
- Understand the concept of a standard cost
- Be able to describe basic variances including materials and labour cost and usage
- Understand the concept of more advanced variances such as mix and yield
- Be able to explain the meaning and use of key variances
Authored by: David Halford
Dave Halford qualified with Deloitte in Bristol in 2001. A love of education and personal interaction led him to join the firm that trained him, BPP in Bristol, the following year. Over the last 16 years Dave has worked in a variety of teaching, management and writing roles within BPP, as well as completing a Law Degree via BPP’s Law School.
Dave is currently a Subject Matter Expert for the final admittance exams for CIMA and the ICAEW, as well as all of the law exams across the accounting bodies.
CPD Points: 1
CPD Duration (hours): 1
Access: 12 months from purchase date