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hi mr.moffat how are you…i am doing bcom(Becholar of Commerce)along with ACCA..i saw a question of variances in past papers of bcom in which examiner said give genaral entries of variances and make t accounts and close all variances…so after saw that question i was in trouble..so my question is that we did not learn any entries of variance and did not make any t account of variances and close variances…so when we will learn these things in variances because we have learned completed variances in standard costing??i am waiting for your answer……thank you
ACCA exams never ever require the double entries for variances – it is not in the syllabus.
What is asked is the calculation of the variances, not the double entries nor the t-accounts.
So when we will learn to close variances and make double entries of it..?in Paper F5?
Never!
It is just not in the ACCA syllabus.
(It is rarely relevant in practice either – the variances are usually calculated on a computer (using a spreadsheet). There is no requirement and no need for t-accounts – people stopped using them for variance analysis well over 20 years ago. It would be a complete waster of time. 🙂 )
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