An optical light curve of SU UMa type dwarf nova V1504 Cyg taken by Kepler was analysed in order to study fast optical variability (flickering). We calculated power density spectra and rms-flux relations for two different stages of activity, i.e. quiescence and regular outbursts. A multicomponent power density spectrum with two break frequencies was found during both activity stages. The rms-flux relation is obvious only in the quiescent data. However, while the collection of all outburst data do not show this variability, every individual outburst does show it in the majority of cases keeping the rms value approximately in the same interval. Furthermore, the same analysis was performed for light curve subsamples taken from the beginning, middle and the end of the supercycle both for quiescence and regular outbursts. Every light curve subsample shows the same multicomponent power density spectrum. The stability of the break frequencies over the supercycle can be confirmed for all frequencies except for the high break frequency during outburst, which shows variability, but with rather low confidence. Finally, the low break frequency can be associated with the geometrically thin disc or its inner edge, while the high break frequency can originate from the inner geometrically thick hot disc. Furthermore, with our statistical method to simulate flickering light curves, we show that the outburst flickering light curve of V1504 Cyg needs an additional constant flux level to explain the observed rms-flux behaviour. Therefore, during the outbursts another non-turbulent radiation source should be present.