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Module 13 Standard Costing Presentation

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Module 13 Standard Costing Omar ElKheshen – 1 Learning Objectives By the end of this module you should understand: 1. The relationship between budgeting and standard costing 2. How standard costs are set 3. The motivational aspects of standards 4. The role of flexible budgets 5. How to calculate the principal variances surrounding material, labor and overhead costs 6. The possible reasons for variances and when to investigate them 7. How to calculate sales variances and the managerial significance of the numbers produced Omar ElKheshen – 2 Agenda 13.1 Introduction 13.2 Setting Standards 13.3 A Word about Motivation 13.4 Flexible Budgets 13.5 The Anatomy of Variances: Materials and Labor 13.6 Responsibility for Variances 13.7 Variable and Fixed Overhead Analysis 13.8 Investigation of Variances 13.9 Sales Variances Review Questions Case Studies Omar ElKheshen – 3 As we’ve covered in module 12, budgeting is concerned with planning the activities of an organization for a specific time period –usually 12 months Budgeting  A plan of action, usually expressed in numbers and amounts, which sets targets for individuals and for the business over a defined future timeframe  Management must give thought to the future in order to plan to meet its threats and opportunities Module 12 Module 13 Sets out the procedures for constructing the budget Considers the mechanism available to management to monit ...
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Very useful material for studying!