Standard Costing and Variance Analysis

As we know that there is a huge amount of competition in the field of the business. Every organization or company claims to be the best. The best organization or company is that which is providing the best quality work or service to the students at the most affordable prices. Therefore, to take an analysis of the standard costing and variance is the most important thing for an organization or a company. After analyzing the standard costing and variance, an organization or company will be able to enhance the performance level. While studying, if you are not able to write an coursework about the standard costing and analysis, then you can get help from the academic writing services. The best tips to analyze the standard costing and variance are given below; 

1) Understand the standard costing

There are two types of the costs within an organization. The first type is known as the expected cost and the second type is known as the actual cost. The process in which we keep the accounting record of the actual and the expected cost is known as the standard costing. The process of the standard costing depends upon the three important factors. First of all, we will have to get an idea of the standard cost. In the second, we will have to measure the actual performance of the products. Thirdly, we will have to find out the variance between them.

2) Understand the process of determining the standard costs

The process of determining the standards of the costs depends upon the several steps. These steps are given below;

A) An organization or company should try to establish some cost centres.

B) The members of the accounting department should be active and they should have the ability to control the expenses of the different products easily.

C) There are many types of the standards to measure the cost of a specific product like the ideal, basic, current, expected, and normal. You should try to select one of them.

D) You should try to formulate the standard committee and this standard committee will be responsible for all the changes of all the products.

3) Understand the different methods to measure the variance

There are different kinds of the methods that are used by the different organizations in order to measure the cost of the different products. The method in which we get an idea about the variation in the actual price of a product and the selling price of a product is known as the material price. Secondly, the method that provides enough information about the usage quantity of a material is known as the material used. Thirdly, the method in which we get an idea of the per hour price of the labours is known as the labour price. Fourthly, the method in which we get an idea about the performance level of the labours is known as the labour efficiency. Along with these methods, overhead variance in the budget, oh and OH volume efficiencies are also important methods to measure the variance within an organization.

Key Steps to Write an Assignment on Accounting and Finance

Accounting and Finance are the branches of business studies; those are mostly chosen by students who are good in calculations and arithmetic. We all have common perception in our mind that these two interrelated subjects have things to do with only calculations but a business student and professional knows that it’s something interlinked to all other business studies. Most common and directly linked are corporate strategies and business ethics. This is the reason why this article includes some steps to follow for accounting essay as well as required steps to write an accounting statement or financial calculations i.e. return on investment (ROI). 
Accounting assignments are considered to be easier than finance as they have to calculate cost, expenses, revenues, profits or loss but finance has to deal with prediction side as well. That perception is somehow true but there are five basic steps to be followed for writing an accounting or finance assignment and these steps are described here;

1- Understand assignment questions (Pre-writing Step): Again here you might think an accounting assignment question is just about calculations and this perception is of most of the new students of accounting or finance or a student of other business studies. Here you might be wrong a question of accounting can be as complicated as a finance prediction so first put your efforts to understand assignment question. This is pre-writing step but it ensures the success of writing outcomes.

2- Introduction (First Writing Step): This is not a compulsory step or part of your assignment according to the given or required format of assignment until unless you are required to write an essay by your course advisor. Including this section in your assignment draft will keep you on the path of writing without distracting to irrelevant research or calculations or even writing. It helps to outline the final goal of assignment and also helps readers to see your work step wise that will prevent from prompt queries those are likely to confuse you to discuss concept on the spot.

3- Structure and Resource Planning: This is not a heading to be dealt in your assignment but a point to be kept in mind while solving and writing accounting or finance assignment. Structure of assignment has been given by the course advisor that student has to follow throughout the writing of assignment. For accounting and finance there are some standard structures defined by financial institutions known as Financial Reporting Standards (FRS’s). Further, there are International Accounting Standards (IAS)to write and calculate accounting records and calculations.

4- Calculations and Analysis: This is a must to do part of an accounting assignment and almost for finance task. This is the essential part of the subjects even if there is no specific company or calculations are being discussed because assignment of accounting and finance are must including technique of accounting or financial calculations. So using example calculations not only helps students to get good scores but also to get more clear understanding about the topic. This section cannot be part of an assignment that is simply about fundamentals of accounting or finance.

5- Results/Conclusion/Recommendations: This is the final step that can be one or in three different parts. Results are referring for financial calculations and conclusions are meant to be described in theory for giving clear understanding of the concept. Recommendation part can be for a calculation based or a simply fundamental base assignment questions about a particular senior or a concept.