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Level 4 Diploma in Accounting and Business

Variance Analysis Calculations

AB405 · Management Accounting — Week 7 of 16

CourseAB405
Week7 of 16
SemesterII
TutorOnline in the course chat

This week’s topics

Variance Analysis Calculations

  1. Direct material price and usage variances
  2. Direct labour rate and efficiency variances
  3. Overhead expenditure and volume variances
  4. Standard cost operating statements
  5. Variance Analysis Made Easy | ACCA PM / F5 | How to calculate variances
  6. CIMA P1 Variance analysis - Analysis of variances
  7. CIMA P1 Analysis of variances - Operating Statement

What you will be able to do

  • 3.2 Calculate standard costs for given data.
  • 3.3 Calculate variances for given data.

Activity

Start with this week’s 3 videos, then: Seminar, guided reading and a short written task: calculate standard costs for given data.

Study materials

Videos

  • Variance Analysis Made Easy | ACCA PM / F5 | How to calculate variances · YouTube · Steve Willis ACCA · 34 min · for registered students
  • CIMA P1 Variance analysis - Analysis of variances · YouTube · OpenTuition · 27 min · for registered students
  • CIMA P1 Analysis of variances - Operating Statement · YouTube · OpenTuition · 28 min · for registered students

Further resources

  • Managerial Accounting, ch. 10: How Do Managers Evaluate Performance Using Cost Variance Analysis? · PDF · Saylor Academy, textbook chapter; pp. 619–709 · for registered students
  • Principles of Accounting Vol. 2, ch. 8.1–8.5: Standard costs and variances · PDF · OpenStax, textbook chapter; pp. 366–410 · 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 6Midterm
Course chat

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.

Open this week in the portal
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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