labour variances



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  • Direct labour cost variance — is the difference between the standard cost for actual production and the actual cost in production.[1] There are two kinds of labour variances. Labour Rate Variance is the difference between the standard cost and the actual cost paid for the… …   Wikipedia

  • direct labour efficiency variance — In a standard costing system, a variance arising as part of the direct labour total cost variance. It compares the actual labour time taken to carry out an activity with the standard time allowed and values the difference at the standard direct… …   Accounting dictionary

  • efficiency variances — See: direct labour efficiency variance, overhead efficiency variance …   Accounting dictionary

  • production cost variance — In standard costing, the variance arising when the standard cost of the actual production is compared with the actual cost incurred. If the standard cost is higher than the actual cost a favourable variance arises, while if the actual cost… …   Big dictionary of business and management

  • Backflush accounting — is a product costing approach, used in a Just In Time (JIT) operating environment, in which costing is delayed until goods are finished. Standard costs are then flushed backward through the system to assign costs to products. The result is that… …   Wikipedia

  • accounting — /euh kown ting/, n. 1. the theory and system of setting up, maintaining, and auditing the books of a firm; art of analyzing the financial position and operating results of a business house from a study of its sales, purchases, overhead, etc.… …   Universalium

  • Directly elected mayors in the United Kingdom — Directly elected mayors are council leaders elected by the general electorate of a council area for local government, instead of being appointed by members of a local authority, which is common in the United Kingdom. The Elected Mayor is elected… …   Wikipedia

  • Variance (accounting) — In budgeting (or management accounting in general), a variance is the difference between a budgeted, planned or standard amount and the actual amount incurred/sold. Variances can be computed for both costs and revenues.The concept of variance is… …   Wikipedia

  • Wales — /waylz/, n. a division of the United Kingdom, in SW Great Britain. 2,766,800; 8016 sq. mi. (20,760 sq. km). Medieval, Cambria. * * * I Welsh Cymru Principality, constituting an integral part of the United Kingdom. It occupies a peninsula on the… …   Universalium

  • South Asian arts — Literary, performing, and visual arts of India, Pakistan, Bangladesh, and Sri Lanka. Myths of the popular gods, Vishnu and Shiva, in the Puranas (ancient tales) and the Mahabharata and Ramayana epics, supply material for representational and… …   Universalium