Fundamentals of Budgeting and Variance Analysis

Name: Fundamentals of Budgeting and Variance Analysis
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Learn about the importance of budgeting, types of budgeting as well as variance analysis from this free online course.

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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.

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