Balanced Scorecard

Front 1

Balanced Scorecard

Back 1

An integrated set of performance measures that are derived from and support the organizations strategy

Front 2

Delivery Cycle Time

Back 2

The elapsed time from receipt of a customer order to when the completed goods are shipped to the customer

Front 3

Ideal Standards

Back 3

Standards that assume peak efficiency at all times

Front 4

Labor Efficiency Variance

Back 4

The differnce between the actual hours taken to complete a task and the standard hours allowed for the actual output multiplied b the standard hourly labor rate
(actual hours - standard hours) X standard hourly labor rate

Front 5

Labor Rate Variance

Back 5

actual hourly labor rate - standard rate X the number of hours worked during the period

Front 6

Management by Exception

Back 6

A management system in which standards are set for various activities, with actual results compared to these standards.

Front 7

Materials Price Variance

Back 7

(actual unit price paid for an item - standard price) X quantity purchased

Front 8

Materials Quantity Variance

Back 8

(Actual quantity of materials used in production - standard quantity allowed for actual output) X standard price per unit of materials

Front 9

Practical Standards

Back 9

standards that allow for normal machine downtime and other work interruptions that can be attained through reasonable, though highly efficient, efforts by the average worker

Front 10

Standard Cost per unit

Back 10

The standard quality allowed of an input per unit of a specific product, multiplied by the standard price of the input

Front 11

Standard hours allowed

Back 11

the time that should have been taken to complete the period's output.

actual number of units produced X standard hours per unit

Front 12

Standard hours per unit

Back 12

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.

Front 13

Standard Price Per Unit

Back 13

the price that should be paid for an input.
*should be net of discounts and should include any shipping costs

Front 14

Standard quantity allowed

Back 14

the amount of an input that should have been used to complete the period's actual output.
actual number of units produced X standard quantity per unit

Front 15

standard quantity per unit

Back 15

the amount of an input that should be required to complete a single unit of product, including allowances for normal waste, spoilage, rejects, and othern normal inefficiencies

Front 16

standard rate per hour

Back 16

the labor rate that should be incurred per hour of labor time, including employment taxes and fringe benefits

Front 17

variable overhead spending variance

Back 17

(actual variable overhead cost incurred during a period - standard cost that should have been incurred based on the actual activity of the period)

Front 18

Variances

Back 18

(standard prices - actual prices) + (standard quantities - actual quantities)

Front 19

Budget Variance

Back 19

(actual fixed overhead costs incurred - budgeted fixed overhead costs in the flexible budget)

Front 20

Denominator Activity

Back 20

the level of activity used to compute the predetermined overhead rate

Front 21

Flexible Budget

Back 21

A budget that can be used to estimate what costs should be for any level of activity within a specific range

Front 22

Static Budget

Back 22

A budget created at the beginning of the budgeting period that is valid only for the planned level of activity

Front 23

Volume Variance

Back 23

the variance arises whenever the standard hours allowed for the actual output of a period are different from the denominator activity level that was used to compute the predetermined overhead rate.

fixed component of the predetermined overhead rate X (denominator hours - standard hours allowed for the actual output)

Front 24

Operating Department

Back 24

A department in which the central purpose fo the organization are carried out

Front 25

Service Department

Back 25

A department that does not directly engage in operating activities; rather, it provides services or assistance to the operating departments