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Ma2 4

In: Business and Management

Submitted By PRG040
Words 2417
Pages 10
MODULE 2, ASSIGNMENT 4
December 12, 2011

Topic: Standard Costing, Variance Analysis and Budgets

Overview The main topics for Assignment 4 are standard costing, variance analysis, and budget creation. Accountants of all management levels often have to analyze variance reports in order to help in the decision-making process. Through the differentiation of costs into fixed and variable classifications, managers are better able to construct break-even charts and other decision-making and control tools. Understanding cost breakdown can better determine where the inefficiencies of the operations lie, and determine the first step towards enhancing the efficiency of an operation. In addition, cost analysis helps toward the creation of budgets and forecasts. An effective budget or forecast is necessary for an organization to make optimal use of the resources available to it. Variance analysis reports are very predominant in manufacturing organizations. When variance analysis is conducted properly (e.g., on time and at the proper level), it can be an effective control against further cost and schedule problems that may jeopardize the successful completion of a product. In this assignment, candidates will learn why standard cost systems are used, how standards for material and labour are set, how material, labour and overhead variances are calculated, and how desired levels of attainability affect standard settings. Learning Outcome The candidates will interpret the results of a variance analysis report in order to evaluate performance against targets and use this information as a means for planning and control when preparing an operating budget. Due Date Please refer to the Schedule accessed from the left navigation menu.

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