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Level 4 Diploma in Accounting and Business

Principles of Standard Costing

AB405 · Management Accounting — Week 6 of 16

CourseAB405
Week6 of 16
SemesterII
TutorOnline in the course chat

This week’s topics

Principles of Standard Costing

  1. Purpose and application of standard costing
  2. Ideal versus attainable standards
  3. Establishing standard costs for direct materials
  4. Setting standards for direct labour and overheads
  5. Standard Costing
  6. Standard Costing - Part I
  7. CIMA P1 Standard Costing

What you will be able to do

  • 3.1 Explain the purpose of standard costing for a selected organisation.
  • 3.2 Calculate standard costs for given data.

Activity

Start with this week’s 3 videos, then: Seminar, guided reading and a short written task: explain the purpose of standard costing for a selected organisation.

Study materials

Videos

  • Standard Costing · YouTube · Galton College · 39 min · for registered students
  • CIMA P1 Standard Costing · YouTube · OpenTuition · 8 min · for registered students

Further resources

  • Principles of Accounting, Volume 2: Managerial Accounting, ch. 8: Standard Costs and Variances · PDF · OpenStax, textbook chapter; pp. 377–422 · for registered students
  • Managerial Accounting, ch. 10: How Do Managers Evaluate Performance Using Cost Variance Analysis? · PDF · Saylor Academy, textbook chapter; pp. 619–709 · for registered students
Materials marked “for registered students” open in the student portal, which is set up as soon as you receive final acceptance.
Week 5Week 7
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Admitted students ask questions on this week’s page in the student portal: an AI assistant trained on the course answers first, and during the course’s timetabled classes Connect to your tutor brings your tutor into the chat, who may start a call if needed.

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Course plan
  • Week 1: Introduction to Management Accounting
  • Week 2: Cost Accounting and Accounting Integration
  • Week 3: Budgetary Planning and Control
  • Week 4: Working Capital Management
  • Week 5: Non-Current Assets and Depreciation
  • Week 6: Principles of Standard Costing
  • Week 7: Variance Analysis Calculations
  • Midterm: Midterm evaluation
  • Week 9: Evaluation of Standard Costing
  • Week 10: Break-Even and Cost-Volume-Profit Fundamentals
  • Week 11: Applications and Limitations of CVP Analysis
  • Week 12: Applying Management Accounting in practice: case studies
  • Week 13: Assignment workshop: research, planning and referencing
  • Week 14: Assignment workshop: drafting, feedback and improvement
  • Week 15: Review and coursework completion
  • Final: Final assessment and submission
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