Karteikarten
AMAC
Karten in diesem Stapel (22)
- 1Total direct material varianceThe standard cost of materials for the actual production level minus the actual cost of materials for the actual production level
- 2Direct material price varianceThe standard cost of the actual quantity of material used minus the actual cost of the actual materials used
- 3Direct material usage varianceThe standard quantity of material for the actual production at standard price minus the actual quantity of material used at standard price
- 4Total direct labour varianceThe standard cost of labour for actual production minus the actual cost of labour for actual production
- 5Direct labour rate varianceThe standard cost of the actual labour hours used minus the actual cost of the actual labour hours used
- 6Direct labour efficiency varianceThe standard labour hours for actual production at standard rate minus actual labour hours used at standard rate
- 7Direct labour idle time varianceThe actual productive labour hours used at standard rate minus the total actual labour hours used at standard rate
- 8Revised direct labour efficiency varianceThe standard labour hours for actual production at standard rate minus actual productive labour hours used at standard rate
- 9Standard costingA formal method for predetermining the cost of cost units or products
- 10Variance analysisThe comparison of actual costs with standard costs and the calculation of variances which account for differences in the costs
- 11Marginal costingThe technique that values cost units based on the variable costs only. Fixed costs are considered to to relate only to the reporting period of time
- 12Absorption costingThe technique that values cost units based on a suitable part of all the costs of production, whether fixed or variable in behaviour
- 13Ideal standardsA standard set at a level that makes no allowance for losses, and can only be attainable under the most favourable conditions
- 14Attainable standardA target or normal standard set at a level that assumes an efficient levels of operation, but includes allowances for normal loss, waste and machined downtime
- 15Basic standardA standard set some time ago which can be used to identify trends or develop other standards
- 16Tolerance levelThe range around the standard within which performance is considered acceptable and action does not need to be taken
- 17Interdependence of variancesThe fact that a single cause may create two or more separate variances
- 18Mnemonic for remembering how to calculate direct variancesP-Price variances are based on
A- Actual quantities, but
U- Usage variances are based on
S-Standard Prices - 19Possible causes of material price variance- Poorly set standard
- Different material supplier
- Different material quality
- Different exchange rate
-High Inflation
- Unexpected bulk discounts - 20Possible causes of material usage variance- Poorly set standard
- Different material quality
- Poor training
- Higher grade staff
- Improved production machinery
- Machine breakdowns - 21Possible causes of labour rate variance- Poorly set standard
- Higher grade staff
- Unexpected pay rise
- High inflation
- Low bonus payment - 22Possibles causes of labour efficiency variances- Poorly set standard
- Different material quality
- Poor training
- Higher grade staff
- Improved production machinery
- Low bonus payments
- Machine breakdowns
Informationen
- Beschreibung
- AAT DAIFS Chapter 1 & 2 Karteikarten am AMAC, erstellt von Jess Ainscough am 17/01/2023.
- Erstellt von
- Jess Ainscough
- Aufrufe
- 18
- Bewertung
Mehr zu Material and Labour Variances