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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 Economic order quantity (EOQ)The order quantity that minimizes total inventory costs. 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 Standard deviationThe square root of the variance. A measure of dispersion of a set of data from their mean. Standard errorIn statistics, a measure of the possible error in an estimate. 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. 8This is a currency translation standard previously in Statement of Financial Accounting Standards No. 52This is the currency translation standard currently 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 DeviationA statistical term that measures the dispersion of a variable Cost Accounting Standards Board (CASB)a body established by Congress in 1970 to promulgate cost accounting 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 ideal standarda standard that provides for no inefficiencies perfection standardsee ideal standard practical standarda standard that can be reached or slightly standarda model or budget against which actual results are standard costa budgeted or estimated cost to manufacture standard cost carda document that summarizes the direct standard cost systema valuation method that uses predetermined standard deviationthe measure of variability of data around 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 deviationA measure of the variation in a distribution, equal to the Materials quantity varianceThe difference between the actual and budgeted quantities Standard costA predetermined cost that is based on original engineering designs and economic order quantityOrder size that minimizes total inventory costs. Standard & Poorâ€™s Composite IndexIndex of the investment performance of a portfolio of 500 large stocks. Also called the standard deviationSquare root of variance. Another measure of volatility. Gold StandardA fixed exchange rate system in which a currency is directly convertible into gold. 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. Contract Work Hours and Safety Standards ActA federal Act requiring federal contractors to pay overtime for hours worked exceeding 40 per week. Fair Labor Standards Act of 1938A federal Act creating standards of overtime Part standardizationThe planned reduction of similar parts through the standardization Standard containersCommon-sized containers that are used to efficiently move, material yield variance(standard mix X actual quantity X standard price) - (standard mix X standard quantity X standard price);
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