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ACCA - PM > Advanced Variances > Flashcards

Advanced Variances Flashcards

1
Q

What is the sales price variance formula?

A

Actual quantity x Actual price - Actual quantity x Standard price

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2
Q

What is the sales volume variance formula?

A

Actual quantity x Standard margin - Budget quantity x Standard margin

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3
Q

What is the materials price variance formula?

A

Actual quantity x Actual price - Actual quantity x Standard price

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4
Q

What is the materials usage variance formula?

A

Actual quantity x Standard price - Standard quantity for actual production x Standard price

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5
Q

What is the labour rate variance formula?

A

Actual hours x Actual rate - Actual hours x Standard rate

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6
Q

What is the labour efficiency variance formula?

A

Actual hours x Standard rate - Standard hours for actual production x Standard rate

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7
Q

What is the variable expenditure variance formula?

A

Actual hours x Actual variable overhead rates - Actual hours x Standard variable overhead rates

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8
Q

What is the variable efficiency variance formula?

A

Actual hours x Standard variable overhead rate - Standard hours x Standard variable overhead rate

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9
Q

What is the material mix variance formula?

A

AQAM - AQSM x Standard price

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10
Q

What is the material yield variance formula?

A

AQSM - SQSM x Standard price

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11
Q

What is the sales mix variance formula?

A

AQAM - AQSM x Standard margin

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12
Q

What is the sales quantity variance formula?

A

AQSM - SQSM x Standard margin

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13
Q

What is the (operational) market share variance formula?

A

AQSM - RBSSM

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14
Q

What is the (planning) market size variance formula?

A

RBSSM - BSSM

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15
Q

What standard is set for a high performance level, which employees and managers will recognise is unachievable?

A

Ideal standard

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16
Q

Which standard is not challenging and set on usual levels?

A

Current standard

17
Q

Which standard is set to improve employees performance, but is achievable?

A

Attainable standard

18
Q

Which standard may motivate employees and give them a long-term target to aim for, but may become out of date quickly and actually become quite demotivating?

A

Basic standard

ACCA - PM (10 decks)

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