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Details Title: Midterm Study Ch 7 Description: NYU Wagner Finance Total Flash Cards: 19 Created: 02/23/2006 12:56:38	To study from this set of flash cards, or to create your own your own study flash cards, register HERE. If you are already a registered user, CLICK HERE.
Cards Term Volume Variance Definition Amount of the variance in any line-item that is caused simply by the fact that the work load level has changed Term volume and quantity adjusted budget Definition A budget that indicates the spending that would have been anticipated if one had known the actual volume of output and quantity of input that would occur. Term variance analysis Definition Comparison of actual results as compared with the budget, followed by investigation to determine why the variances occured Term variance Definition Difference between the budget and the actual results Term use variance Definition Another name for the quantity variance, so-called because the quantity variance focuse on how much of a resource has been used Term unfavorable variance Definition variance in which more was spent than the budgeted amount Term total variance Definition Sum of the price, quantity, and volume variances; the difference between the actual results and the original budgeted amount. Term revenue variances Definition assessment of how much the variance between expected and actual revenues results from changes in the total demand in a given geographic region, an org's share of that total demand, its mix of products or services, nad the prices for each class of product or service. Term responsibility accounting Definition Attempt to measure financial outcomes and assign those outcomes to the person or department responsible for them Term quantity variance Definition portion of the total variance for any line-item that is caused by using more input per unit of output than had been budgeted. Term rate variance Definition price variance that relates to labor resources. In such cases it is typically the hourly rate that has varied from expectations Term price variance Definition portion of the total variance for any line-item that is caused by spending a different amount per unit of resource than had been anticipated (e.g. higher or lower salary rates or higher or lower supply prices) Term management control system Definition MCS. Complete set of policies and procedures designed to keep operations going according to plan. Term flexible budget variance analysis Definition Method of analysis that incorporates the fact that at least part of the total variance for any line item is often the result of changes in the level of activity. Term flexible budget variance analysis Definition Method of analysis that incorporates the fact that at least part of the total variance for any line item is often the result of changes in the level of activity. Term flexible budget variance Definition difference between actual results and the flexible budget Term favorable variance Definition variance in which less was spent than the budgeted amount Term ceteris paribus Definition all things being equal Term case-mix variance Definition variance caused because the relative proportions of the amount of each product produced or sold differ from the expected proportions. (expected half A half B, got 3/4 A 1/2 B)