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Introduction of variance

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NATIONAL QUALIFICATIONS CURRICULUM SUPPORT
Accounting and
Finance
Variance Analysis
[ADVANCED HIGHER]

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Acknowledgements
This document is produced by Learning and Teaching Scotland as part of the National
Qualifications support programme for Accounting and Finance.
First published 2003
Electronic version 2003
© Learning and Teaching Scotland 2003
This publication may be reproduced in whole or in part for educational purposes by
educational establishments in Scotland provided that no profit accrues at any stage.

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NATIONAL QUALIFICATIONS CURRICULUM SUPPORT Accounting and Finance Variance Analysis [ADVANCED HIGHER] ??? Acknowledgements This document is produced by Learning and Teaching Scotland as part of the National Qualifications support programme for Accounting and Finance. First published 2003 Electronic version 2003 ? Learning and Teaching Scotland 2003 This publication may be reproduced in whole or in part for educational purposes by educational establishments in Scotland provided that no profit accrues at any stage. contents Section 1: Standard costing 1 Reasons for standard costing and variance analysis Types of standard (expected, current, basic, ideal) Problems of setting up a standard cost system Advantages of setting up standard cost system Section 2: Cost variances 5 Materials - cost, price, usage Labour - cost, rate, efficiency Variable overheads - cost, expenditure, efficiency Reasons for variances Section 3: Standard costs and budgeted costs 11 Variable overheads - cost, expenditure, efficiency Fixed overheads - cost, expenditure, efficiency, volume, capacity Reasons for variances Section 4: Revenue variances 19 Sales - revenue, price, volume Reasons for variances Section 5: Formulae 21 The use of formulae for calculating variances Section 6: Exercises 27 Section 7: Solutions 37 SECTION 1 Reasons for standard costing and variance analysis Historic costing is used in financial accoun ...
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