Budgeting and Variance Analysis | Free Online Course | Alison
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Fundamentals of Budgeting and Variance Analysis

Learn about the importance of budgeting, types of budgeting as well as variance analysis from this free online course.

Finances and Banking
Free Course
This free online course on the fundamentals of budgeting and variance analysis provides a comprehensive guide on the impact of budgeting in cost accounting. Learn about the importance of having a budgetary control system as well as the concept of standard cost, the steps involved in standard cost as well as the formulas for calculating material cost and labour variance. Start this course and improve your knowledge of budgeting and variance.
  • Duration

    3-4 Hours
  • Certification

    Yes
  • Mobile Friendly

    Yes
  • Publisher

    NPTEL
  • Accreditation

    CPD

Description

Modules

Outcome

Certification

View course modules

Description

This free online course will begin by introducing you to the concept of budgeting and budgetary control in cost accounting. You will learn about the importance of having a budgetary control system in an organisation, the objectives of budgeting, the various types of budgeting available in cost accounting, the different components of a functional budget as well as how resources are co-ordinated and allocated to two different functions in cost accounting.

This course will also introduce you to how to compute budget contribution margin using illustrations. This course will teach you about the importance of cash budgeting in cost accounting, the concept of standard costing, along with its steps. You will learn about types of standard, the advantages along with the disadvantages of standard costing in cost accounting, as well as the meaning of material cost variance.

Finally, this course will introduce you to the formula for computing material cost variance as well as the formula for calculating labour variance. This course will give you insights to the reasons why an organization faces overhead variance along with the reasons for labour cost variance in cost accounting. Start this course and improve your understanding of budgeting and variance analysis in cost accounting.

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Learning Outcomes

On successful completion of this course you will be able to:


  • Discuss the concept of budgeting and the types of budgeting in cost accounting.
  • Analyze the components and importance of a budgetary control system.
  • Discuss the concept of zero-based budgeting and its application in cost accounting.
  • Explain the components of functional budgeting and how it is applied in an organization.
  • Analyze the importance of cash budgeting in cost accounting using illustrations.
  • Explain the concept of standard costing and the steps in it.
  • Discuss the concept of variance as well as the types of variance.
  • Outline the advantages and disadvantages of standard costing.
  • Explain variance analysis and the formula for computing material variance.
  • Discuss the term variance of efficiency in cost accounting.
  • Explain the different ways of analysing variance in cost accounting.

Certification

All Alison courses are free to enrol, study and complete. To successfully complete this Certificate course and become an Alison Graduate, you need to achieve 80% or higher in each course assessment. Once you have completed this Certificate course, you have the option to acquire an official Certificate, which is a great way to share your achievement with the world. Your Alison Certificate is:

Ideal for sharing with potential employers - include it in your CV, professional social media profiles and job applications
An indication of your commitment to continuously learn, upskill and achieve high results
An incentive for you to continue empowering yourself through lifelong learning

Alison offers 3 types of Certificates for completed Certificate courses:

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