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Variance (accounting)
In budgeting (or management accounting in general), a variance is the difference between a budgeted, planned, or standard cost and the actual amount incurred/sold. Variances can be computed for both costs and revenues. The concept of variance is intrinsically connected with planned and actual results and effects of the difference between those two on the performance of the entity or company. Types of variances Variances can be divided according to their effect or nature of the underlying amounts. When effect of variance is concerned, there are two types of variances: * When actual results are better than expected results given variance is described as favorable variance. In common use favorable variance is denoted by the letter F - usually in parentheses (F). * When actual results are worse than expected results given variance is described as adverse variance, or unfavourable variance. In common use adverse variance is denoted by the letter U or the letter A - usually in parent ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Budget
A budget is a calculation play, usually but not always financial, for a defined period, often one year or a month. A budget may include anticipated sales volumes and revenues, resource quantities including time, costs and expenses, environmental impacts such as greenhouse gas emissions, other impacts, assets, liabilities and cash flows. Companies, governments, families, and other organizations use budgets to express strategic plans of activities in measurable terms. A budget expresses intended expenditures along with proposals for how to meet them with resources. A budget may express a surplus, providing resources for use at a future time, or a deficit in which expenditures exceed income or other resources. Government The budget of a government is a summary or plan of the anticipated resources (often but not always from taxes) and expenditures of that government. There are three types of government budget: the operating or current budget, the capital or investment budge ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rolling Budget
Rolling is a type of motion that combines rotation (commonly, of an axially symmetric object) and translation of that object with respect to a surface (either one or the other moves), such that, if ideal conditions exist, the two are in contact with each other without sliding. Rolling where there is no sliding is referred to as ''pure rolling''. By definition, there is no sliding when there is a frame of reference in which all points of contact on the rolling object have the same velocity as their counterparts on the surface on which the object rolls; in particular, for a frame of reference in which the rolling plane is at rest (see animation), the instantaneous velocity of all the points of contact (e.g., a generating line segment of a cylinder) of the rolling object is zero. In practice, due to small deformations near the contact area, some sliding and energy dissipation occurs. Nevertheless, the resulting rolling resistance is much lower than sliding friction, and thus, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Direct Material Usage Variance
In variance analysis, direct material usage (efficiency, quantity) variance is the difference between the standard quantity of materials that should have been used for the number of units actually produced, and the actual quantity of materials used, valued at the standard cost per unit of material. It is one of the two components (the other is direct material price variance) of direct material total variance. Example Let us assume that standard direct material cost of widget is as follows: :2 kg of unobtainium at € 60 per kg ( = € 120 per unit). Let us assume further that during given period, 100 widgets were manufactured, using 212 kg of unobtainium which cost € 13,144. Under those assumptions direct material usage variance can be calculated as: Direct material usage variance can be reconciled to direct material total variance by way of direct material price variance: See direct material total variance#Example and direct material price variance#Example for computa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Direct Material Price Variance
In variance analysis (accounting) direct material price variance is the difference between the standard cost and the actual cost for the actual quantity of material purchased. It is one of the two components (the other is direct material usage variance) of direct material total variance. Example Let us assume that the standard direct material cost of widget is as follows: :2 kg of unobtainium at € 60 per kg ( = € 120 per unit). Let us assume further that during the given period, 100 widgets were manufactured, using 212 kg of unobtainium which cost € 13,144. Under those assumptions direct material price variance can be calculated as: Direct material price variance is because Todd pays too much for steel can be reconciled to direct material total variance by way of direct material usage variance: spending variance seen as per product cost (212*62)-(200*60) See direct material total variance#Example and direct material usage variance#Example for computations of bo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Performance Evaluation
A performance appraisal, also referred to as a performance review, performance evaluation,Muchinsky, P. M. (2012). ''Psychology Applied to Work'' (10th ed.). Summerfield, NC: Hypergraphic Press. (career) development discussion, or employee appraisal, sometimes shortened to "PA", is a periodic and systematic process whereby the job performance of an employee is documented and evaluated. This is done after employees are trained about work and settle into their jobs. Performance appraisals are a part of career development and consist of regular reviews of employee performance within organizations. Performance appraisals are most often conducted by an employee's immediate manager or line manager. While extensively practiced, annual performance reviews have also been criticized as providing feedback too infrequently to be useful, and some critics argue that performance reviews in general do more harm than good. It is an element of the principal-agent framework, that describes the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Motivation
Motivation is the reason for which humans and other animals initiate, continue, or terminate a behavior at a given time. Motivational states are commonly understood as forces acting within the agent that create a disposition to engage in goal-directed behavior. It is often held that different mental states compete with each other and that only the strongest state determines behavior. This means that we can be motivated to do something without actually doing it. The paradigmatic mental state providing motivation is desire. But various other states, such as beliefs about what one ought to do or intentions, may also provide motivation. Motivation is derived from the word 'motive', which denotes a person's needs, desires, wants, or urges. It is the process of motivating individuals to take action in order to achieve a goal. The psychological elements fueling people's behavior in the context of job goals might include a desire for money. Various competing theories have been proposed c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Standardization
Standardization or standardisation is the process of implementing and developing technical standards based on the consensus of different parties that include firms, users, interest groups, standards organizations and governments. Standardization can help maximize compatibility, interoperability, safety, repeatability, or quality. It can also facilitate a normalization of formerly custom processes. In social sciences, including economics, the idea of ''standardization'' is close to the solution for a coordination problem, a situation in which all parties can realize mutual gains, but only by making mutually consistent decisions. History Early examples Standard weights and measures were developed by the Indus Valley civilization.Iwata, Shigeo (2008), "Weights and Measures in the Indus Valley", ''Encyclopaedia of the History of Science, Technology, and Medicine in Non-Western Cultures (2nd edition)'' edited by Helaine Selin, pp. 2254–2255, Springer, . The centraliz ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Controllable Items
Controllability is an important property of a control system, and the controllability property plays a crucial role in many control problems, such as stabilization of unstable systems by feedback, or optimal control. Controllability and observability are dual aspects of the same problem. Roughly, the concept of controllability denotes the ability to move a system around in its entire configuration space using only certain admissible manipulations. The exact definition varies slightly within the framework or the type of models applied. The following are examples of variations of controllability notions which have been introduced in the systems and control literature: * State controllability * Output controllability * Controllability in the behavioural framework State controllability The state of a deterministic system, which is the set of values of all the system's state variables (those variables characterized by dynamic equations), completely describes the system at any giv ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Flexible Budget
Flexible may refer to: Science and technology * Power cord, a flexible electrical cable. ** Flexible cable, an Electrical cable as used on electrical appliances * Flexible electronics * Flexible response * Flexible-fuel vehicle * Flexible rake receiver * Flexible AC transmission system * Semi-flexible rod polymer * Flexible algebra, in non-associative algebras, for example alternative algebras * Flexible polyhedron * Flexible single master operation Other uses * "Flexible", a song by Depeche Mode * Flexible mold * Flextime, a variable work schedule * Flexible spending account, a tax-advantaged savings account * Flexible baton round, fired as a shotgun shell * Flxible, originally the Flexible Sidecar Co. See also * Flexibility (other) * Bendable (other) Bendable may refer to: * Articulation (other) * Bendable concrete * Bendable LED See also * * * Bend (other) Bend may refer to: Materials * Bend, a curvature in a pipe, tube, or pip ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Management Accounting
In management accounting or managerial accounting, managers use accounting information in decision-making and to assist in the management and performance of their control functions. Definition One simple definition of management accounting is the provision of financial and non-financial decision-making information to managers. In other words, management accounting helps the directors inside an organization to make decisions. This can also be known as Cost Accounting. This is the way toward distinguishing, examining, deciphering and imparting data to supervisors to help accomplish business goals. The information gathered includes all fields of accounting that educates the administration regarding business tasks identifying with the financial expenses and decisions made by the organization. Accountants use plans to measure the overall strategy of operations within the organization. According to the Institute of Management Accountants (IMA), "Management accounting is a profession t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
