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Meanings of variance


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Category: Term

 
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Created by: KayeDavis
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EXPENDITUREFIXED OVERHEAD _____ VARIANCE10true
varianceHow much of the _____ is due to us using a different amount of material to what we had budgeted.21true
efficiencyFixed overhead _____ variance30true
levelsDifferences in production _____. If our absorption activity rate (units/machine hours/ labour hours) is different to budget, we will have absorbed a different amount of overhead.41true
overtimeWe might be able to get more out of our resource. For example, staff may work _____, or machine may run for longer. Therefore they are able to produce more. Or, they may have been operating for less and therefore unable to produce as much.51true
differentHow much of the variance is due to us using a _____ amount of labour per unit to what we had budgeted.61true
productiveCompare the total labour hours paid for With The _____ labour hours71true
budgetedHow much of the variance is because we the price per kg/litre was different to what we had _____.81true