StandardCosting.StudentQuestionsWk6

StandardCosting.StudentQuestionsWk6 - THE UNIVERSITY OF NEW...

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1 THE UNIVERSITY OF NEW SOUTH WALES SCHOOL OF ACCOUNTING ACCT2522 Management Accounting 1 Session 1, 2011 Tutorial 6 - Standard costing and variance analysis Overall Theme This week we look at a very useful “management accounting control” tool, namely, variance analysis. We explore how total variance can be broken down into more meaningful components to allow better understanding of the reasons behind a discrepancy between the actual and budgeted amounts. Desired Learning Outcomes and Essential Reading Mowen et. al Chapter 9 (Exclude learning objectives 5 and 6). After completing this topic, you should be able to: 1. Explain how standard costing can be used to help control and manage resources 2. Describe and understand how to set standards 3. Understand the difference between ideal and currently attainable standards, and their impact on behaviour 4. Develop standard costs for direct material and direct labour 5. Calculate and interpret Direct Material and Direct Labour variances
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StandardCosting.StudentQuestionsWk6 - THE UNIVERSITY OF NEW...

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