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Standard costing and variance analysis

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Mind Map on Standard costing and variance analysis, created by jamescambell3 on 01/06/2014.
jamescambell3
Mind Map by jamescambell3, updated more than 1 year ago
jamescambell3
Created by jamescambell3 almost 11 years ago
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Resource summary

Standard costing and variance analysis
  1. Standard costing
    1. Types of standard
    2. Variance analysis
      1. Calculating variances
        1. Flexing the budget
          1. Materials cost variances
            1. Price variance
              1. Usage variances
              2. Labour variances
                1. Labour rate variance
                  1. Labour efficiency variance
                  2. Variable overhead variances
                    1. Variable overhead expenditure variance
                      1. Variable efficiency variance
                      2. Fixed overhead variance
                        1. Sales variances
                          1. Sales price variance
                            1. Sales volume variance
                            2. Summary of variance formulae
                              1. Reconciling budgeted profit and actual profit
                                1. Investigating variances
                                  1. Management by exception
                                    1. Feedback provisions
                                    2. Advantages and disadvantages of variance analysis
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