explain how the control process uses standard costs and variances 644926

Aug 30, 2021 | Uncategorized

  1. Define the terms ‘standard cost’ and ‘variance’.
  2. Explain the purpose of using standard costs.
  3. Describe the problems of choosing the level of output for standards.
  4. Explain how the control process uses standard costs and variances.
  5. Calculate and interpret variances for product costs and sales margins.
  6. Combine calculation of all variances in a case study.
  7. Explain how variances may be investigated.
  8. Use flexible budgeting to calculate variances in a case study.
  9. Discuss the usefulness of variance analysis.
  10. Understand the broader views that exist regarding variance analysis.
  11. Describe and discuss research into the use of standard costing.