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Produce full operating statements in both a marginal cost and full absorption costing environment, reconciling actual profit to budgeted profit
Calculate identify the cause of and interpret basic variances.
Is this examinable on 2013 Exams ?
Yes – it is assumed knowledge from Paper F2.
The examiner is not going to ask a question as simple as in F2, but will ask some advanced variances, but it is still assumed that you know basic variances from F2. (And it is not possible to really understand and calculate advanced variances without understanding ‘basic’ variances. Planning and Operational variances in particular follow the same ‘rules’ as basic variances.
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