| A) | The productive capacity possible after subtracting unavoidable downtime from theoretical capacity.
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| B) | A detailed listing of the standard amounts of materials, labour, and overhead that should go into a unit of product or service, multiplied by the standard price or rate that has been set for each cost element.
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| C) | Standards that allow for normal machine downtime and other work interruptions and can be attained through reasonable, although highly efficient, efforts by the average employee.
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| D) | The amount of labour time that should be required to complete a single unit of product, including allowances for breaks, machine downtime, cleanup, rejects, and other normal inefficiencies.
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| E) | The volume of activity resulting from operations conducted 24 hours per day, 7 days per week, 365 days per year, with no downtime.
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| F) | A measure of the difference between the actual unit price paid for an item and the standard price, multiplied by the quantity purchased.
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| G) | The difference between the actual variable overhead cost incurred during a period and the standard cost that should have been incurred based on the actual activity of the period.
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| H) | A measure of the difference between the actual fixed overhead costs incurred during the period and the budgeted fixed overhead costs as contained in the flexible budget.
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| I) | Actual market volume minus budget market volume, times anticipated market share, multiplied by budgeted contribution margin.
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| J) | Standards that allow for no machine breakdowns or other work interruptions and that require peak efficiency at all times.
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| K) | The labour rate that should be incurred per hour of labour time, including Employment Insurance, employee benefits, and other labour costs.
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| L) | A measure of the difference between the actual hourly labour rate and the standard rate, multiplied by the number of hours worked during the period.
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| M) | The difference between the actual activity (direct labour-hours, machine-hours, or some other base) of a period and the standard activity allowed, multiplied by the variable part of the predetermined overhead rate.
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| N) | A costing system in which overhead costs are applied to jobs by multiplying a predetermined overhead rate by the actual amount of the allocation base incurred by the job.
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| O) | Actual sales volume minus the anticipated portion of the actual market volume, multiplied by budgeted contribution margin per unit.
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| P) | The standard cost of a unit of product as shown on the standard cost card; it is computed by multiplying the standard quantity or hours by the standard price or rate for each cost element.
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| Q) | The amount of materials that should be required to complete a single unit of product, including allowances for normal waste, spoilage, and other inefficiencies.
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| R) | The dollar effect on total materials costs of the total quantity of inputs actually used generating a different output from what would have been achieved using standard quantities of inputs at the standard mix.
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| S) | Quantifies the effects on contribution margin of unit sales differing from the budget, holding constant the sales mix at the budgeted proportions.
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| T) | The price that should be paid for a single unit of materials, including shipping, receiving, and other such costs, net of any discounts allowed.
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| U) | The activity figure used to compute the predetermined overhead rate.
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| V) | A system of management in which standards are set for various operating activities that are then periodically compared to actual results. Any differences that are deemed significant are brought to the attention of management as "exceptions."
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| W) | A system of management in which standards are set for various operating activities that are then periodically compared to actual results. Any differences that are deemed significant are brought to the attention of management as "exceptions."
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| X) | The differences between standard prices and quantities and actual prices and quantities.
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| Y) | Actual sales price minus budgeted sales price, multiplied by actual sales quantity.
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| Z) | Quantifies the effects on contribution margin of selling the two products in a mix that differs from the original budget.
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| AA) | The time that should have been taken to complete the period's output, as computed by multiplying the actual number of units produced by the standard hours per unit.
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| AB) | A measure of the difference between the actual quantity of materials used in production and the standard quantity allowed, multiplied by the standard price per unit of materials.
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| AC) | A measure of the difference between the actual hours taken to complete a task and the standard hours allowed, multiplied by the standard hourly labour rate.
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| AD) | The dollar effect on total materials cost of a difference between the actual mix of materials inputs and the standard mix of materials.
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| AE) | The amount of materials that should have been used to complete the period's output, as computed by multiplying the actual number of units produced by the standard quantity per unit.
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