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44 Cards in this Set

  • Front
  • Back
Delivery cycle time
The elapsed time from receipt of a customer order to when the completed goods are shipped to the customer
The elapsed time from receipt of a customer order to when the completed goods are shipped to the customer
Delivery cycle time
Ideal Standards
Standards that assume peak efficiency at all times
Standards that assume peak efficiency at all times
Ideal Standards
Labor efficiency variance
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
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
Labor efficiency variance
Labor rate variance
The difference between the actual hourly labor rate and the standard rate, multiplied by the number of hours worked during the period
The difference between the actual hourly labor rate and the standard rate, multiplied by the number of hours worked during the period
Labor rate variance
Management by exception
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
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
Management by exception
Manufacturing cycle efficiency
Process (value-added) time as a percentage of throughput time
Process (value-added) time as a percentage of throughput time
Manufacturing cycle efficiency
Materials price variance
The difference between the actual unit price paid for an item and the standard price, multiplied by the quantity purchased
The difference between the actual unit price paid for an item and the standard price, multiplied by the quantity purchased
Materials price variance
Materials Quantity Variance
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
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
Materials Quantity Variance
Practical standards
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
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
Practical standards
Price variance
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
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
Price variance
Quantity variance
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
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
Quantity variance
Standard cost card
A detailed listing of the standard amounts of inputs and their costs that are required to produce a unit of a specific product
A detailed listing of the standard amounts of inputs and their costs that are required to produce a unit of a specific product
Standard cost card
Standard Cost per unit
The standard quantity allowed of an input per unit of a specific product, multiplied by the standard price of the input
The standard quantity allowed of an input per unit of a specific product, multiplied by the standard price of the input
Standard Cost per unit
Standard hours allowed
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
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
Standard hours allowed
Standard hours per unit
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
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
Standard hours per unit
Standard price per unit
The price that should be paid for an input. The price should be net of discounts and should include any shipping costs
The price that should be paid for an input. The price should be net of discounts and should include any shipping costs
Standard price per unit
Standard quantity allowed
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
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
Standard quantity allowed
Standard quantity per unit
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
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
Standard quantity per unit
Standard rate per hour
The labor rate that should be incurred per hour of labor time, including employment taxes and fringe benefits.
The labor rate that should be incurred per hour of labor time, including employment taxes and fringe benefits.
Standard rate per hour
Throughput time
The amount of time required to turn raw materials into completed products
The amount of time required to turn raw materials into completed products
Throughput time
Variable overhead efficiency variance
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
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
Variable overhead efficiency variance
Variable overhead rate variance
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.
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.
Variable overhead rate variance