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What are Possible reasons for the unfavourable efficiency variances in the period Direct material efficiency variance?
Changes in quality of inputs from manufacturer.
What are the Causes of direct material quantity variance?
An unfavorable materials quantity variance means excessive use of direct materials. The excessive use of direct materials may be the result of a number of reasons including: inexperienced or untrained workers, lack of motivation, lack of proper supervision, use of outdated machinery, faulty equipment, purchase of unsuitable or substandard materials, and frequent power failures.
What is difference between the amount budgeted and the actual amount is called?
Difference between actual amount and budgeted amount is called "Variance" and variance analysis is done to find out the reasons for variance
How can managers use accounting information to help control manufacturing overhead costs?
Managers compare the actual line item amounts for manufacturing overhead with the budgeted amounts. Managers investigate large differences between actual and budgeted amounts to identify the reasons why actual costs differ from planned or budgeted costs.
What is standard cost method?
Under standard cost method, standard costs for material labor and overheads are determined first and all these costs are charged to production on that standard costs and quantity basis and after that variance analysis is done to find out the reasons for differences in actual costs with standard costs as basis for analysis.
What are Possible reasons for the unfavourable efficiency variances in the period Direct material efficiency variance?
Changes in quality of inputs from manufacturer.
What are the Causes of direct material quantity variance?
An unfavorable materials quantity variance means excessive use of direct materials. The excessive use of direct materials may be the result of a number of reasons including: inexperienced or untrained workers, lack of motivation, lack of proper supervision, use of outdated machinery, faulty equipment, purchase of unsuitable or substandard materials, and frequent power failures.
What is difference between the amount budgeted and the actual amount is called?
Difference between actual amount and budgeted amount is called "Variance" and variance analysis is done to find out the reasons for variance
What are some reasons for the lack of validation studies in criminal justice?
Design faults unfavorable climate
How are variance reports used?
Variance reports are used to analyze the difference between planned and actual performance in various business metrics, such as budget, revenue, or production output. They help organizations identify discrepancies, assess the reasons behind these differences, and implement corrective actions. By providing insights into operational efficiency and financial health, variance reports enable better decision-making and strategic planning. Ultimately, they serve as a tool for continuous improvement and performance management.
Two reasons for unfavorable sex ratio in India?
due to killing of born baby after knowing as they are girls. and due to killing of girl unborn baby.
What are three reasons Europe is good for sustaining populations?
Manufacturing and tradeNatural gasCoal
What manager is responsible for price variance?
The manager responsible for price variance is typically the purchasing or procurement manager. This manager oversees the acquisition of materials and supplies, ensuring that purchases align with budgeted costs. If actual prices deviate from the budgeted or standard prices, it is the responsibility of this manager to analyze the reasons for the variance and implement corrective actions. Additionally, collaboration with finance and production managers may be necessary to address any broader implications of the variance.
How do you calculate material price variances and what are the possible reasons for such variances?
Following are the causes of material price variance: 1.There could have been recent changes in purchase price of materials. 2.Price variance can be due to substituting raw materials different from the original material specification. 3.Price variance can be attributed to the non availability of cash discounts which was originally anticipated at the time of setting the price standards. 4.Changes in transportation costs and storekeeping costs can also be contributing factors to material price variance.
Discuss the importance of studying production and operations management?
the reasons of studying management manufacturing
What are the reasons for stopping the manufacturing of coco cola and fanta in india?
bcoz its vry nice
What causes a DM Price Variance?
There are a number of reasons for causinf DM Price Variance. Adverse Price Variance 1) Demand > Supply (Low Supply, High Demand result in price to be material purchase to be more costly) 2) Change to a higher grade material quality. 3) Purchases made from oversea, exchange rate incurred 4) Purchases made in smaller quantity As for favourable DM price variance, explanation will be opposite of the above given.
