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44 Cards in this Set
- Front
- Back
Delivery cycle time
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The elapsed time from receipt of a customer order to when the completed goods are shipped to the customer
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The elapsed time from receipt of a customer order to when the completed goods are shipped to the customer
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Delivery cycle time
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Ideal Standards
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Standards that assume peak efficiency at all times
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Standards that assume peak efficiency at all times
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Ideal Standards
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Labor efficiency variance
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The difference between the actual hours taken to complete a task and the standard hours allowed for the actual output, multiplied by the standard hourly labor rate
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The difference between the actual hours taken to complete a task and the standard hours allowed for the actual output, multiplied by the standard hourly labor rate
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Labor efficiency variance
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Labor rate variance
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The difference between the actual hourly labor rate and the standard rate, multiplied by the number of hours worked during the period
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The difference between the actual hourly labor rate and the standard rate, multiplied by the number of hours worked during the period
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Labor rate variance
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Management by exception
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A management system in which standards are set for various activities, with actual results compared to these standards. Significant deviations from standards are flagged as exceptions
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A management system in which standards are set for various activities, with actual results compared to these standards. Significant deviations from standards are flagged as exceptions
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Management by exception
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Manufacturing cycle efficiency
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Process (value-added) time as a percentage of throughput time
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Process (value-added) time as a percentage of throughput time
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Manufacturing cycle efficiency
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Materials price variance
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The difference between the actual unit price paid for an item and the standard price, multiplied by the quantity purchased
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The difference between the actual unit price paid for an item and the standard price, multiplied by the quantity purchased
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Materials price variance
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Materials Quantity Variance
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The difference between the actual quantity of materials used in production and the standard quantity allowed for the actual output, multiplied by the standard price per unit of materials
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The difference between the actual quantity of materials used in production and the standard quantity allowed for the actual output, multiplied by the standard price per unit of materials
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Materials Quantity Variance
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Practical standards
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Standards that allow for normal machine downtime and other work interruptions and that can be attained through reasonable, though highly efficient, efforts by the average worker
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Standards that allow for normal machine downtime and other work interruptions and that can be attained through reasonable, though highly efficient, efforts by the average worker
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Practical standards
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Price variance
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A variance that is computed by taking the difference between the actual price and the standard price and multiplying the result by the actual quantity of the input
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A variance that is computed by taking the difference between the actual price and the standard price and multiplying the result by the actual quantity of the input
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Price variance
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Quantity variance
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A variance that is computed by taking the difference between the actual quantity of the input used and the amount of the input that should have been used for the actual level of output and multiplying the result by the standard price of the input
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A variance that is computed by taking the difference between the actual quantity of the input used and the amount of the input that should have been used for the actual level of output and multiplying the result by the standard price of the input
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Quantity variance
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Standard cost card
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A detailed listing of the standard amounts of inputs and their costs that are required to produce a unit of a specific product
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A detailed listing of the standard amounts of inputs and their costs that are required to produce a unit of a specific product
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Standard cost card
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Standard Cost per unit
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The standard quantity allowed of an input per unit of a specific product, multiplied by the standard price of the input
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The standard quantity allowed of an input per unit of a specific product, multiplied by the standard price of the input
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Standard Cost per unit
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Standard hours allowed
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The time that should have been taken to complete the period's output. It is computed by multiplying the actual number of units produced by the standard hours per unit
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The time that should have been taken to complete the period's output. It is computed by multiplying the actual number of units produced by the standard hours per unit
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Standard hours allowed
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Standard hours per unit
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The amount of direct labor time that should be required to complete a single unit of product, including allowances for breaks, machine downtime, cleanup, rejects, and other normal inefficiencies
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The amount of direct labor time that should be required to complete a single unit of product, including allowances for breaks, machine downtime, cleanup, rejects, and other normal inefficiencies
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Standard hours per unit
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Standard price per unit
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The price that should be paid for an input. The price should be net of discounts and should include any shipping costs
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The price that should be paid for an input. The price should be net of discounts and should include any shipping costs
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Standard price per unit
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Standard quantity allowed
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The amount of an input that should have been used to complete the period's actual output. It is computed by multiplying the actual number of units produced by the standard quantity per unit
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The amount of an input that should have been used to complete the period's actual output. It is computed by multiplying the actual number of units produced by the standard quantity per unit
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Standard quantity allowed
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Standard quantity per unit
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The amount of an input that should be required to complete a single unit of product, including allowances for normal waste, spoilage, rejects, and other normal inefficiencies
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The amount of an input that should be required to complete a single unit of product, including allowances for normal waste, spoilage, rejects, and other normal inefficiencies
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Standard quantity per unit
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Standard rate per hour
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The labor rate that should be incurred per hour of labor time, including employment taxes and fringe benefits.
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The labor rate that should be incurred per hour of labor time, including employment taxes and fringe benefits.
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Standard rate per hour
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Throughput time
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The amount of time required to turn raw materials into completed products
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The amount of time required to turn raw materials into completed products
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Throughput time
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Variable overhead efficiency variance
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THe difference between the actual level of activity (direct labor-hours, machine-hours, or some other base) and the standard activity allowed, multiplied by the variable part of the predetermined overhead rate
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THe difference between the actual level of activity (direct labor-hours, machine-hours, or some other base) and the standard activity allowed, multiplied by the variable part of the predetermined overhead rate
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Variable overhead efficiency variance
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Variable overhead rate variance
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The difference between the actual variable overhead cost incurred during a period and the standard cost that should have been incurred based on the actual activity of a period.
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The difference between the actual variable overhead cost incurred during a period and the standard cost that should have been incurred based on the actual activity of a period.
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Variable overhead rate variance
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