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Hello…
I have some questions regarding the topic of Standard Costing and Variance Analysis.
1. How do you see this topic being examined? What other topic in the syllabus can this question be combined with?
2. Do I need to learn the advanced variances learnt in F5 or the basics from F2?
F5 variances include:
– materials mix and yield
– sales mix and quantity
– planning and operational variances3. Do I need to know the format for the operating statement?
Thanks!
1 Variances are likely to be given to you and you would have to interpret them, eg on the basis of sales volume variances decide which product to continue/withdraw.
2 I would think only the basis variances so that mix and yield, P&O etc are very unlikely (ACCA want students to pass!)
3 No to produce one, but you might be presented with one.
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