تقييمات الطلاب
( 5 من 5 )
١ تقييمات
فيديو شرح Standard Costs and Budgeting. CPA and CPA Exam ضمن كورس محاسبة التكاليف شرح قناة Farhat Lectures. The # 1 CPA & Accounting Courses، الفديو رقم 48 مجانى معتمد اونلاين
Standard costs and budgeting explained for CPA, CMA, and EA exam candidates and accounting practitioners. This lecture defines standard costs for direct materials, direct labor, and overhead using a pizza-making analogy, explains how standards support budgeting and variance analysis, and compares ideal versus practical standards and top-down versus bottom-up approaches. Ideal for the CPA BAR exam, CMA exam, and managerial and cost accounting coursework.
Try it free at farhatlectures.com — interactive exercises, lectures, simulations, cases, multiple choice, and AI tools for CPA, CMA, EA and students.
Video Timeline & Key Concepts:
0:00 What are standard costs, illustrated with a pizza-making example
5:41 The purpose of standard costs and their role in budgeting
7:56 Developing standard costs: activity, engineering, and historical analysis
12:32 Top-down versus bottom-up approaches to setting standards
14:02 Ideal (theoretical) versus practical (attainable) standards
17:41 Practical example: choosing practical standards in the real world
Frequently Asked Questions:
Q: What are standard costs?
A: Standard costs are predetermined estimates of the material, labor, and overhead costs required to produce one unit. They act as benchmarks so a company can compare expected costs against actual results.
Q: How do standard costs support budgeting?
A: Standard costs let management identify variances, which are the differences between expected and actual costs. This supports cost control, benchmarking, and more informed decision-making throughout the budgeting process.
Q: What is the difference between ideal and practical standards?
A: Ideal or theoretical standards assume perfect conditions with no waste or downtime and are rarely used because they are unattainable and can demotivate staff. Practical or attainable standards allow for normal spoilage, waste, and downtime, providing challenging but achievable goals.
Q: Should standards be set top-down or bottom-up?
A: A top-down approach is set by management alone, while a bottom-up participative approach incorporates feedback from employees and front-line staff. The participative approach is generally preferred because it improves accuracy and buy-in.
Hashtags:
#standardcosts #standardcosting #budgeting #variances #idealstandards #practicalstandards #costaccounting #managerialaccounting #CPAexam #CMAexam #enrolledagentexam #accountingcourses #collegecourses #courses