Chapter 12 - Advanced variances Flashcards Preview

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Flashcards in Chapter 12 - Advanced variances Deck (13)
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1

What is the sales price variance

Actual quantity sold x Actual price

Actual quantity sold x Standard price

2

What is the sales volume variance

Actual quantity sold x Standard profit/contribution

Budgeted quantity sold x Standard profit/contribution

3

What is the materials price variance?

Actual Quantity Purchased × Actual price

Actual Quantity Purchased × Standard price

4

What is the materials usage variance?

Actual Quantity Used × Standard price

Standard Quantity Used (for actual production) × Standard price

5

What is the labour rate variance?

Actual hours paid × Actual labour rate

Actual hours worked × Standard labour rate

6

What is the labour efficiency variance?

Actual hours worked × Standard labour rate

Standard Hours × standard labour rate

7

What is the variable overhead expenditure variance?

Actual hours paid × Actual variable overhead rates

Actual hours worked × Standard variable overhead rate

8

What is the variable overhead efficiency variance?

Actual hours worked × Standard variable overhead rate

Standard Hours worked × Standard variable overhead rates

9

How do you calculate the Fixed OH Volume variance?

Volume = Efficiency + Capacity

10

What is the fixed overhead expenditure variance?

Actual cost

Budgeted hours × Standard rate

11

What is the fixed overhead capacity variance?

Budgeted overhead

Actual hours × Standard rate

12

What is the fixed overhead efficiency variance?

Actual hours × Standard rate

Standard hours × Standard rate

13

How do you calculate the Idle time variance?

Actual hours paid × Standard rate

Actual hours worked × Standard rate