SG from Welden - ITEMS WHICH MAY BE COVERED ON FINAL for...

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ITEMS WHICH MAY BE COVERED ON FINAL for ACC 3020 Know how to calculate each budget and the elements of each budget Know the advantages of budgeting o Reasons to use budgets Calculate Sales budgets, cash budgets, cost of goods sold budget, purchasing budget etc. How to set standards for Material, Labor and Overhead. Analyzing variances o How they interact with each other o Who has responsibility for each variance o What questions should be asked about them o Which variances should be investigated o What to do when reasons for variances are known Calculate variances o Material Price, Labor rate, Variable Overhead Spending o Material Quantity, Labor and Variable Overhead Efficiency o Total Material, Labor and Variable Overhead o Fixed Overhead variances: Total, Budget and Volume o You will have to calculate at least one of each of the variances (Big Hint) Flexible Budgets o What they are o How to calculate o How to use for variance analysis o Behavior of fixed and variable costs over the relevant range Standard cost system o Calculation of standard costs for material, labor and overhead (product costs) o Use of standard costs in variance analysis o Why use standard costs o How to apply overhead in standard cost systems o Calculating overhead for various activity levels using a flexible budget and standard costs o
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