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Chapter 7- Cost/ Managerial Accounting
Fichas del conjunto (32)
- 1Bill of materialsa source document that contains information about a product's material components and their specifications (including quality and quantities needed)
- 2Budget variancethe difference between total actual overhead and budgeted overhead based on standard hours allowed for the production achieved during the period; computed as part of the two- variance overhead analysis; also referred to also the controllable variance
- 3Controllable Variancethe budget variance of the two- variance approach to analyzing overhead variances
- 4expected Standarda standard set a level that reflects what is actually expected to occur in the future period; anticipates future waste and inefficiencies and allows for them; is of limited value for control and performance evaluation perfomance
- 5Fixed Overhead Spending Variancethe difference between the total actual fixed overhead and budgeted fixed overhead; is computed as a part of the four- variance overhead analysis
- 6Ideal standarda standard that provides for no inefficiencies of any type, is impossible to attain on a continuous basis
- 7Labor Efficiency VarianceThe number of hours actually worked minus the standard hours allowed for the production achieved multiplied by the standard rate; establishes a value for efficiency (favorable) or inefficiency (unfavorable) of the work force
- 8Labor Mix Variance(actual mix X actual hours X Standard Rate) minus (Standard mix X actual hours X standard rate); presents the financial effect associated with changing the proportionate amounts of higher or lower paid workers in the production process
- 9Labor Rate VarianceThe actual ( or actual weighted average rate) paid to direct labor for the period minus the standard rate multiplied by all hours actually worked during the period; can also be calculated as actual labor cost minus (actual hours X standard rate)
- 10Labor Yield Variance(standard mix X actual hours X standard rate) minus ( standard hours X standard rate); shows the monetary impact of using more or fewer total hours than the standard allowed in the production process
- 11Management by Exceptiona management philosophy that indicates action is taken only when deviations are outside specified upper and lower tolerance limits
- 12Material Mix Variance(actual mix X actual quantity X standard price) minus (standard mix X actual quantity X standard price); is a measure of the monetary effect of substituting a nonstandard mix of material
- 13Material Price Variancetotal actual cost of material purchased minus (actual quantity of material X standard price); is the amount of money spent below (favorable) or in excess (unfavorable) of the standard price for thee quantity of material purchased or the actual quantity used
- 14Material Quantity Variance(actual quantity X standard price) minus (standard quantity allowed X standard price); reflects the cost saved (favorable) or expended (unfavorable) due to the difference between the actual quantity of material used and the standard quantity of material allowed for the goods produced during the period
- 15Material Yield Variance(standard mix X actual quantity X standard price) minus ( standard mix X standard quantity X standard price); computes the difference between the actual total quantity of input the standard total quantity allowed based on output and uses standard mix and standard prices to determine variance
- 16Method Time Measurement (MTM)an industrial engineering process that analyzes work tasks to determine the time a trained worker requires to perform a given operation at a rate that can be sustained for an eight- hour workday
- 17Mixany possible combinations of material or labor inputs
- 18Non- controllable Variancea fixed overhead volume variance; is computed as a part of the two- variance approach to overhead analysis
- 19Operations Flow Documenta source document listing all operations necessary to produce one unit of product ( or perform a specific service) and the corresponding time allowed for each operation
- 20Overhead Efficiency variancethe difference between total budgeted overhead at actual hours and total budgeted overhead at standard hours allowed for the production achieved; is computed as part of a three- variance analysis; is the same as variable overhead efficiency variance
- 21Overhead Spending Variancethe difference between total actual overhead and total budgeted overhead at actual hours; is computed as part of a three- variance analysis; is equal to the sum of the variable and fixed spending variances
- 22Practical Standarda standard that can be reached or slightly exceeded with reasonable effort by workers; allows for normal, unfavorable delays and for worker breaks; is often believed to be most effective in inducing the best performance from workers because it represents an attainable challenge
- 23Standarda model or budget against which actual results are compared and evaluated; a benchmark or norm used for planning and control purposes
- 24Standard Cost Carda document that summarizes the direct material, direct labor and overhead standard quantities and prices needed to complete one unit of product
- 25Standard Quantitythe standard quantity of input (in hours or some other cost driver measurement) required for the output actually achieved for the period
- 26Total Overhead Variancethe difference between total actual overhead and total applied overhead; is the amount of under- applied or over- applied overhead
- 27Variable overhead efficiency Variancethe difference between budgeted variable overhead based on actual input activity and variable overhead applied to production
- 28Variable Overhead Spending Variancethe difference between total actual variable overhead and the budgeted amount of variable overhead based on actual input activity
- 29Variancea difference between an actual and a standard or budgeted cost; is favorable if actual is less than standard and is unfavorable if actual is greater than standard
- 30Variance Analysisthe process of categorizing the nature ( favorable or unfavorable) of the differences between standard and actual costs and determining the reasons for those differences
- 31Volume Variancea fixed overhead variance that represents the difference between budgeted and fixed overhead and fixed overhead applied to production of the period; is also referred to as the non- controllable variance
- 32Yieldthe quantity of output that results form a specified input
Información
- Descripción
- Chapter 7 for cost/ managerial accounting
- Creado por
- lilianrewerts
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