|standard quantity allowed|
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Definition of standard quantity allowed
standard quantity allowed
the quantity of input (in hours or some other cost driver measurement) required at standard for the output actually achieved for the period
(actual quantity X standard price) - (standard quantity allowed standard price);
The Association for Investment Management and Research (AIMR)'s Performance Presentation standards Implementation
A federal Act requiring federal contractors to pay overtime for hours worked exceeding 40 per week.
a body established by Congress in 1970 to promulgate cost accounting
Order size that minimizes total inventory costs.
The order quantity that minimizes total inventory costs.
an estimate of the number
a standard representing beliefs about moral
standard set at a level that reflects what
A federal Act creating standards of overtime
A system of fixing exchange rates adopted in the Bretton Woods agreement. It
An international monetary system in which currencies are defined in terms of their gold
A fixed exchange rate system in which a currency is directly convertible into gold.
a standard that provides for no inefficiencies
The difference between the actual and budgeted quantities
The planned reduction of similar parts through the standardization
see ideal standard
a standard that can be reached or slightly
A firm that reacts to excess supply or excess demand by adjusting quantity rather than price. Contrast with price adjuster.
Quantity Theory of Money
Theory that velocity is constant, and so a change in money supply will change nominal income by the same percentage. Formalized by the equation Mv = PQ.
a model or budget against which actual results are
Common-sized containers that are used to efficiently move,
a budgeted or estimated cost to manufacture
A predetermined cost that is based on original engineering designs and
standard cost card
a document that summarizes the direct
standard cost system
a valuation method that uses predetermined
A budget cost for materials and labour used for decision-making, usually expressed as a per unit cost that is applied to standard quantities from a bill of materials and to standard times from a
The square root of the variance. A measure of dispersion of a set of data from their mean.
A statistical term that measures the dispersion of a variable
the measure of variability of data around
A measure of the variation in a distribution, equal to the
Square root of variance. Another measure of volatility.
In statistics, a measure of the possible error in an estimate.
standard error of the estimate
a measure of dispersion that reflects the average difference between actual observations and expected results provided by a regression line
standard overhead application rate
a predetermined overhead rate used in a standard cost system; it can be a separate variable or fixed rate or a combined overhead rate
Standard & Poor’s Composite Index
Index of the investment performance of a portfolio of 500 large stocks. Also called the
Standardized normal distribution
A normal distribution with a mean of 0 and a standard deviation of 1.
Also called the normal deviate, the distance of one data point from the mean, divided by
Statement of Financial Accounting Standards No. 52
This is the currency translation standard currently
Statement of Financial Accounting Standards No. 8
This is a currency translation standard previously in
material yield variance
(standard mix X actual quantity X standard price) - (standard mix X standard quantity X standard price);
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