This course will discuss standard costs and how they are used by management to control operations. A standard cost is an estimated cost associated with a standard level of performance for manufacturing a product or performing a service. Standard costs are carefully predetermined amounts that are used for planning labor, material and overhead requirements.
Program Registration:
Launch Course
For additional registration information, click here.
Learning Objectives:
Upon completion of this course, the learner will be able to:
- Identify the benefits of using a standard costing system
- Define standard costs
- Explain the terms management by exception, standard cost variance
- Identify the two general types of variances
- Explain how variances are accounted for
- Explain the process for updating standards
- Explain how key performance indicators are used
Estimated Course Duration: 1 hour (1CPE)
Delivery Method: Online Self-Study
Field of Study: Accounting
Program Level: Overview
Advance Preparation/Prerequisites: None
Program Content:
Standard Costs
- Standard Costs for Materials and Components
- Standard Labor Cost
- Standard Cost Card - Variable Production Cost
Standard Cost Variances
- Purchase Price Variation
- Controlling Variation
- Quantity Variance
- Generally Accepted Accounting Principles
- Variance between Income and Inventory
Features Standard Costing Systems
- Steps to Revise Standards
- Variance Analysis Cycle – Reactive Model
General Model for Variance Analysis
Labor Variances
- Labor Rate Variance
- Labor Efficiency Variance
Variable Manufacturing Overhead Variances
Balanced Scoreboard
Delivery Performance Measures
Download PDF Course Description:
1. Login to KnowledgeLeader account
2. Click on Launch Course.
3. The link takes you to the KLplus Login window.
4. Enter your email address and password and then click the Submit button.
5. The training module will launch automatically. NOTE: Most training modules are narrated. To view speaker notes during the presentation, click the Notes tab.
In order to earn CPE credit, you must complete the training module within one year of enrollment and score 70% or above on the Final Exam.
Complaint Resolution Policy/Refund Policy:
For more information regarding refund, complaint and program cancellation policies, please contact our offices at (866) 923-8513 or if outside the U.S., please call +1 (925) 598-7771. You may also email us at knowledgeleader@protiviti.com.
Protiviti is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org.