overhead total variance en xx 25
1overhead total variance — In a system of standard costing, the total variance that arises in respect of fixed and variable overheads; it represents the difference between the standard overhead recovered for the actual units produced and the actual overhead incurred for a… …
2fixed overhead total variance — In a system of standard costing, the total difference arising between the standard fixed overhead absorbed for the actual units produced and the actual fixed overhead expenditure incurred. See: overhead total variance …
3variable overhead total variance — In a system of standard costing, the total difference arising between the standard variable overhead absorbed for the actual units produced and the actual variable overhead expenditure incurred. See: overhead total variance …
4overhead efficiency variance — overhead productivity variance; = productivity variance In a standard costing system, that part of the overhead total variance that arises from the more or less efficient use of the time available to carry out the actual production. It compares… …
5Variable Overhead Spending Variance — The difference between actual variable overhead based on costs for indirect material involved in manufacturing, and standard variable overhead based on the budgeted costs. Variable overhead spending variance arises from difference in the costs of …
6Variable Overhead Efficiency Variance — The difference between actual variable overhead based on the true time taken to manufacture a product, and standard variable overhead based on the time budgeted for it. It arises from variance in productive efficiency. For example, the number of… …
7Variance (accounting) — In budgeting (or management accounting in general), a variance is the difference between a budgeted, planned or standard amount and the actual amount incurred/sold. Variances can be computed for both costs and revenues.The concept of variance is… …
8underabsorbed overhead — underapplied overhead In absorption costing, the circumstance in which the absorbed overhead is less than the overhead costs incurred for a period. This adverse variance represents a reduction of the budgeted profits of the organization. Compare …
9overabsorbed overhead — In absorption costing, the circumstance in which the absorbed overhead is greater than the overhead costs incurred for a period. The favourable variance represents an addition to the budgeted profits of the organization. Compare: underabsorbed… …
10Production Volume Variance — The amount of fixed overhead costs that are not allocated to a product because actual production varies from budgeted production. Also known as fixed overhead volume variance. Mathematically, production volume variance is expressed as: (Actual… …
