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Takshila Learning Provides Best CS Executive Video Lectures in Online and Offline mode (Pendrive, SD Card and Downloadable Link) by CA Ashish Gupta. visit- https://bit.ly/2yds6Qm

In this video, you will learn standard costing:- 1. Planning is not enough in business, we need to perform actually and control it, i.e compare our plans with actual and find out the variances.
2. Standard costing: this is related to controlling, remember "looking backwards".
3. Evaluation of actual performance with standards, i.e standards vs actual ( not budget vs actual)
Let us Understand in details:
1. A business's main objective is to maximize the profit, which can be achieved by maximizing the sales or minimizing the cost.
2. So the difference in profit can be because of low sales or higher cost ( you can't accuse all the departments for low profits), you need to find the specific department or manager who is responsible for the results.
3. Hence variance can be: sales and cost variances, sales variance =standard sales (should have been done)-Actual Sales
Cost variance=standard cost for actual output (should have been incurred)-Actual Cost.
4. Higher Cost may be because of Material, Labour or Overheads cost, you need to held the specific responsibility. So the variances can be Material cost variances, labour cost variances or Overheads cost variance.


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