Variance Definition
Sana Ahmed Variance Definition: The difference between standard prices and quantities on the one hand and actual prices and quantities on the other hand.
Variable Spending Variance Definition
Variable Spending Variance Definition: 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…
Variable Overhead Efficiency Variance Definition
Variable Overhead Efficiency Variance Definition: The difference between the actual activity (direct labor-hours, machine-hours, or some other base) of a period and the standard activity allowed, multiplied by the variable…
Positive Financial Leverage Definition
Rubab Ali Positive Financial Leverage Definition: Positive financial leverage is a situation in which the fixed return to a company's creditors and preferred stockholders is less than the return on total assets.…
Variable Costing Definition
Variable Costing Definition: A costing method that includes only variable manufacturing costs–direct materials, direct labor, and variable manufacturing overhead–in unit product cost. Variable costing is also called marginal costing and…
Plant Wide Overhead Rate Definition
Plant Wide Overhead Rate Definition: Plant wide overhead rate is a single predetermined overhead rate that is used throughout a plant.
Variable Cost Definition
Variable Cost Definition: Variable cost is a cost that varies, in total, in direct proportion to changes in the level of activity. A variable cost is constant per unit.
Planning Definition
Planning Definition: Selecting a course of action and specifying how the action will be implemented.
Planning and Control Cycle Definition
Planning and Control Cycle Definition: The flow of management activities through planning, directing and motivating, and controlling, and then back to planning again.
Profit Center Definition
Profit Center Definition: A business segment whose manager has control over cost and revenue but has no control over the use of investment funds.
Value Chain Definition
Value Chain Definition: The major business functions that add value to a company's products and services. These functions consist of research and development, product design, manufacturing, marketing, distribution, and customer…
Top Managers Definition
Sidra Farid Top Managers Definition: Managers at or near the top level of the organization who are responsible for making organization-wide decisions and establishing the goal and plans that effect the entire…
Universality of Management Definition
Universality of Management Definition: Universality of management means the reality that management is needed in all types and sizes of organizations, at all organizational levels, in all organizational areas, and…
Time-Adjusted Rate of Return Definition
Time-Adjusted Rate of Return Definition: This term is synonymous with internal rate of return.
Unit-Level Activities Definition
Unit-Level Activities Definition: Activities that arise as a result of the total volume of goods and services that are produced, and that are performed each time a unit is produced.
Under-Applied Overhead Definition
Under-Applied Overhead Definition: A debit balance in the Manufacturing Overhead account that arises when the amount of overhead cost actually incurred is greater than the amount of overhead cost applied…
Overhead Application Definition
Overhead Application Definition: The process of charging manufacturing overhead cost to job cost sheets and to the Work in Process account.
Plan-do-check-act (PDCA) Cycle Definition
Plan-do-check-act (PDCA) Cycle Definition: A systematic approach to continuous improvement that applies the scientific method to problem solving. This is only definition of plan do check act cycle (PDCA) Click…