Successful companies in the innovation economy use their strategy as a guide to every decision. Setting standard costs and developing budgets are ways that companies implement these key strategies.
In this course, you learn how to develop better standard costs and budgets. You also learn how to evaluate performance to take corrective action, ensuring that your results are in line with your strategy and plans.
Learning Objectives
- Describe certain types of budgets and how they are used in organizations.
- Summarize how companies use standard costing to track and create more accurate product costing information needed to make better decisions.
- Describe how to calculate variances and the types of budget variances (favorable and unfavorable) and their impact on operations.
- Determine how to review direct labor and direct materials variances, how they are calculated and what they mean.
- Discover a methodology for interpreting budget variances
Last updated/reviewed: March 4, 2024
15 Reviews (47 ratings)
Prerequisites
Course Complexity: Foundational
No advanced preparation or prerequisites are required for this course.
Education Provider Information
Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA
95113
Contact:
For more information regarding this course, including complaint and
cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to
.
David FiondaCloud Accounting Expert