|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
The order quantity that minimizes total inventory costs.
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
The square root of the variance. A measure of dispersion of a set of data from their mean.
In statistics, a measure of the possible error in an estimate.
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
This is a currency translation standard previously in
This is the currency translation standard currently
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
A statistical term that measures the dispersion of a variable
a body established by Congress in 1970 to promulgate cost accounting
an estimate of the number
a standard representing beliefs about moral
standard set at a level that reflects what
a standard that provides for no inefficiencies
see ideal standard
a standard that can be reached or slightly
a model or budget against which actual results are
a budgeted or estimated cost to manufacture
standard cost card
a document that summarizes the direct
standard cost system
a valuation method that uses predetermined
the measure of variability of data around
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
A measure of the variation in a distribution, equal to the
Materials quantity variance
The difference between the actual and budgeted quantities
A predetermined cost that is based on original engineering designs and
economic order quantity
Order size that minimizes total inventory costs.
Standard & Poor’s Composite Index
Index of the investment performance of a portfolio of 500 large stocks. Also called the
Square root of variance. Another measure of volatility.
A fixed exchange rate system in which a currency is directly convertible into gold.
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.
Contract Work Hours and Safety Standards Act
A federal Act requiring federal contractors to pay overtime for hours worked exceeding 40 per week.
Fair Labor Standards Act of 1938
A federal Act creating standards of overtime
The planned reduction of similar parts through the standardization
Common-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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