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standard quantity allowed |
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Definition of standard quantity allowedstandard quantity allowedthe quantity of input (in hours or some other cost driver measurement) required at standard for the output actually achieved for the period
Related Terms:material quantity variance(actual quantity X standard price) - (standard quantity allowed standard price); Committee, AIMR Performance Presentation Standards Implementation CommitteeThe Association for Investment Management and Research (AIMR)'s Performance Presentation standards Implementation Contract Work Hours and Safety Standards ActA federal Act requiring federal contractors to pay overtime for hours worked exceeding 40 per week. Cost Accounting Standards Board (CASB)a body established by Congress in 1970 to promulgate cost accounting economic order quantityOrder size that minimizes total inventory costs. Economic order quantity (EOQ)The order quantity that minimizes total inventory costs. economic order quantity (EOQ)an estimate of the number ethical standarda standard representing beliefs about moral expected standardstandard set at a level that reflects what Fair Labor Standards Act of 1938A federal Act creating standards of overtime Gold exchange standardA system of fixing exchange rates adopted in the Bretton Woods agreement. It Gold standardAn international monetary system in which currencies are defined in terms of their gold Gold StandardA fixed exchange rate system in which a currency is directly convertible into gold. ideal standarda standard that provides for no inefficiencies Materials quantity varianceThe difference between the actual and budgeted quantities Part standardizationThe planned reduction of similar parts through the standardization perfection standardsee ideal standard practical standarda standard that can be reached or slightly Quantity AdjusterA firm that reacts to excess supply or excess demand by adjusting quantity rather than price. Contrast with price adjuster. Quantity Theory of MoneyTheory 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. standarda model or budget against which actual results are Standard containersCommon-sized containers that are used to efficiently move, standard costa budgeted or estimated cost to manufacture Standard costA predetermined cost that is based on original engineering designs and standard cost carda document that summarizes the direct standard cost systema valuation method that uses predetermined Standard costsA 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 Standard deviationThe square root of the variance. A measure of dispersion of a set of data from their mean. Standard DeviationA statistical term that measures the dispersion of a variable standard deviationthe measure of variability of data around Standard deviationA measure of the variation in a distribution, equal to the standard deviationSquare root of variance. Another measure of volatility. Standard errorIn statistics, a measure of the possible error in an estimate. standard error of the estimatea measure of dispersion that reflects the average difference between actual observations and expected results provided by a regression line standard overhead application ratea 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 IndexIndex of the investment performance of a portfolio of 500 large stocks. Also called the Standardized normal distributionA normal distribution with a mean of 0 and a standard deviation of 1. Standardized valueAlso called the normal deviate, the distance of one data point from the mean, divided by Statement of Financial Accounting Standards No. 52This is the currency translation standard currently Statement of Financial Accounting Standards No. 8This 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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