A predetermined rate of pay for direct labour operators used for establishing standard direct labour costs in a standard costing system, providing a basis for comparison with actual direct labour rates paid.
In standard costing, the standard cost derived from the standard quantity of materials allowed for the production of a product and the standard direct materials price for the materials specified for that product.
In standard costing, a predetermined price for direct materials used for establishing standard direct materials costs in order to provide a basis for comparison with the actual direct material prices paid.
The standard error measures the accuracy with which a sample distribution represents a population by indicating the degree of variability or dispersion present in the sample.
The Standard Fire Policy is a foundational insurance contract designed to provide coverage against fire-related damages to properties. It is essential for homeowners and businesses alike to protect their assets from unforeseen fire incidences.
In standard costing, a standard fixed overhead cost is derived from the standard time allowed for the performance of an operation or the production of a product and the standard fixed overhead absorption rate per unit of time for that operation or product.
A standard hour represents a measure of production that quantifies the amount of work or number of units produced within an hour under normal conditions. It is instrumental in calculating efficiency ratios and efficiency variances.
The Standard Industrial Classification (SIC) System is a federally designed standard numbering system that identifies companies by industry, providing essential information used by market researchers, securities analysts, and others. It is being replaced by the North American Industry Classification System (NAICS).
The Standard Interpretations Committee (SIC), now known as the International Financial Reporting Interpretations Committee (IFRIC), was established by the International Accounting Standards Committee (IASC) to provide interpretations of International Financial Reporting Standards (IFRS). These interpretations aimed to standardize the application of accounting standards across various regions and industries.
The Standard Interpretations Committee (SIC), also known as the IFRIC (International Financial Reporting Interpretations Committee), develops interpretations of accounting standards to address issues that are not specifically covered in International Financial Reporting Standards (IFRS).
Standard Marginal Costing involves the determination and control of predetermined standards for marginal costs and income that are used for products and operations, with periodic comparisons to actual outcomes to identify and analyze variances.
A predetermined quantity of materials to be used in the production of a product, which is compared with the actual quantity of material used to provide a basis for material control.
The Standard Mileage Method permits an automobile business expense deduction based on a standard mileage rate. It allows taxpayers to deduct a specific amount per mile driven for various purposes.
A standard minute is a unit of time measurement. It represents one sixtieth of a standard hour, commonly used in various industries for standardizing time measurements in productivity and efficiency studies.
Standard Mix refers to the predetermined proportions set for the use of different materials in the manufacturing process or the budgeted total volume of sales expressed in proportions of a range of related products. This helps in calculating various variances such as direct materials mix variance, direct materials yield variance, sales margin mix variance, and sales margin yield variance.
A Standard of Care outlines the level of competence, diligence, and adherence to best practices that are expected of a professional in their field. It is a crucial component ensuring accountability and quality in professional services.
A measure of the quality and quantity of goods and services available to individuals and households within an economy, which reflects the overall well-being and comfort level.
The total of all the standard cost allowances for the actual level of activity achieved by an organization. It serves as a benchmark guide to manage and control the costs within an organization.
The budgeted revenue from an operation less the standard operating cost.
Standard Operator Performance refers to the established benchmark or expected level of performance for an operator in a specific role or task within an organization.
A standard cost for the fixed and/or variable overhead of an operation derived from the standard time allowed for the performance of the operation or the production of a product and the standard overhead absorption rate per unit of time for that operation or product.
Standard performance refers to a predetermined level of performance for an operator or a process used as a basis for determining standard overhead costs. This metric helps in measuring efficiencies and productivity in operations.
The standard price is a predetermined cost established for a product or service, commonly used as a benchmark for budgeting, costing, and performance evaluation in manufacturing and other industries.
Standard production cost refers to the estimated costs of products and operations, calculated based on predetermined performance and cost levels, providing a benchmark against which actual production costs can be compared.
Understand the concept of Standard Purchase Price, a predetermined price set for each commodity of direct material for a specified period, used in a system of standard costing.
The rate of value added tax (VAT) applied to all goods and services sold by taxable persons that are not exempt, zero-rated, or subject to a special rate. For the 2016-17 tax year, the standard rate was 20%. It is also the marginal tax rate for most taxpayers.
A predetermined rate of pay set for each classification of labor for a specific period. These rates are compared with the actual rates paid during the period to establish direct labor rate of pay variances in a system of standard costing.
A predetermined selling price set for each product sold for a specified period. These prices are compared with the actual prices obtained during the period in order to establish sales margin price variances in a system of standard costing.
Standard termination refers to the process by which a defined benefit pension plan is voluntarily ended by an employer following specific regulatory guidelines.
In the context of standard costing systems, standard time refers to the time allowed to carry out a production task. It can be expressed either as the standard time allowed or in terms of standard hours representing the output achieved.
Standard variable overhead cost refers to a specific type of standard cost derived from the standard time allowed for an operation or product production and the standard variable overhead absorption rate per unit time for that operation or product.
The standard wage rate refers to the normal or base salary of an employee before any overtime or premium pay is computed. It is vital for setting and managing payroll expenses within an organization.
The Standards Advisory Council, now known as the International Financial Reporting Standards (IFRS) Advisory Council, serves as a forum for organizations to advise the International Accounting Standards Board (IASB) on various priorities in the standard-setting process.
A standby fee is a sum required by a lender to provide a standby commitment within a certain period. This fee is forfeited by the borrower if the loan is not closed within the specified timeframe.
A standby loan is a commitment by a lender to make available a sum of money at specified terms for a specified period. It is generally not a desirable loan and is intended to be replaced by another commitment.
Standing data refers to information stored in a computer system for long-term use because it does not frequently change. An example is the names and addresses of clients.
A standing order is an instruction to make repeated shipments of goods without requiring individual reorder confirmations. These orders are continuous, adhering to predefined quantity and time specifications.
Staple stock refers to goods that have a consistent demand over long periods, exhibiting minimal seasonality. Retailers typically maintain constant inventory levels of these products.
Stare Decisis is a legal principle that mandates courts to follow judicial precedents set by previous cases when making decisions on new cases involving similar issues.
The Start Menu is a computer menu in Microsoft Windows that is called up by the Start button on the taskbar at the bottom of the screen. It provides access to Windows Help, several utilities, and all the applications installed on the computer.
A start-up is a new business venture, especially in its earliest stage, often funded by venture capital based on a detailed business plan.
The initial expenditure incurred in the setting up of an operation or project. The start-up costs may include the capital investment costs plus the initial revenue expenditure prior to the start of operations.
A start-up disk, also known as a boot disk, is a diskette, CD, or other media used to initialize a computer's startup process. It contains essential parts of the operating system needed to boot the computer, especially in emergencies.
The starting rate of income tax was a former rate of income tax in the UK, set below the basic rate of income tax. It replaced the lower rate in 1999 and was abolished in April 2008.
STAT is a medical term derived from the Latin word 'statim', meaning immediately. It indicates that an action or procedure needs to be performed urgently.
A state bank is a financial institution that operates under a charter granted by the regulatory authority of a specific state, as opposed to a national bank, which operates under a federal charter.
The main post office in a state responsible for receiving and distributing all mail within the state.
The State Earnings-Related Pension Scheme, commonly known as SERPS or the State Second Pension (S2P), was a component of the UK’s state pension system designed to supplement the basic state pension by providing additional benefits based on earnings.
The State Second Pension (S2P) is a former component of the UK state pension system, aimed at providing additional retirement income based on earnings.
The State Second Pension (SSP), also known as S2P, was a former UK government scheme intended to provide an additional pension on top of the basic state pension. It was introduced in 2002 to replace the State Earnings Related Pension (SERPS) and was funded through National Insurance contributions. The scheme was phased out in April 2016 and replaced by the New State Pension, a single-tier pension system.
Stated value is an assigned value given to a corporation's stock for accounting purposes in lieu of par value.
A statement can refer to a summary of financial transactions, a document showing the status of assets and liabilities, or an instruction in a computer program.
A comprehensive document that outlines a debtor's assets, liabilities, and creditor details in the context of bankruptcy proceedings, essential for assessing financial status during insolvency.
A series of statements issued by the Auditing Practices Board (APB) detailing basic principles and essential procedures in auditing, applicable to audits of financial statements for periods commencing before 15 December 2004.
The Statement of Cash Flow is a financial statement that provides aggregate data regarding all cash inflows a company receives from its ongoing operations and external investment sources. It also includes all cash outflows that pay for business activities and investments during a given period. Essentially, it acts as a reconciliation of the opening and closing cash balance for a company.
A financial statement that provides detailed information about a company's cash inflows and outflows during a specific period. It is essential for assessing the liquidity, flexibility, and overall financial health of an organization.
A Statement of Change in Financial Position is a financial report that provides detailed information about a company's sources and applications of funds over a specific period.
The Statement of Changes in Equity (SOCE) is a financial document that outlines the changes in shareholders' equity over a reporting period. It highlights changes due to transactions with owners, profits, losses, and other comprehensive income.
A Statement of Changes in Financial Position details the sources and uses of an entity's financial resources during a specific period. It is commonly referred to as a Cash-Flow Statement.
The SCFP is a financial statement that provides a detailed picture of a company's financial health over a specific period, highlighting the changes affecting working capital and non-working capital due to significant noncurrent transactions.
The statement of comprehensive income, as defined by the IFRS and applicable FRS in the UK and Republic of Ireland, presents a complete picture of a company's financial performance beyond the traditional income statement.
A detailed report outlining the resources, liabilities, and capital accounts of a bank or financial institution as well as a summary of the status of assets, liabilities, and equity of a person or business organization.
The Statement of Financial Accounting Concepts (SFAC) is a series of reports issued by the Financial Accounting Standards Board (FASB) to outline the foundational concepts underpinning financial accounting and reporting in the United States.
The Statement of Financial Accounting Standards (SFAS) was a formal set of authoritative rules and guidelines issued by the Financial Accounting Standards Board (FASB) that governed accounting practices in the United States until 2009.
Statements detailing the financial accounting and reporting requirements established by the Financial Accounting Standards Board (FASB), forming part of the generally accepted accounting principles (GAAP) in the USA.
In accounting, the Statement of Financial Position is an important financial statement that provides a snapshot of a company's financial health at a specific point in time. It is often referred to as a balance sheet and is critical for understanding the assets, liabilities, and equity of a business.
A Statement of Income, also known as a Profit and Loss Statement, is a financial document that summarizes the revenues, costs, and expenses incurred during a specific period, often a fiscal quarter or year.
A financial statement that combines the income statement and the statement of retained earnings, detailing a company's profit, dividends, and equity changes during a period, as outlined by the Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102, Section 6).
A detailed summary that outlines the changes in equity for a company over a financial period, reflecting the sources of funding and how funds have been utilized.
The Statement of Partners' Capital, typically presented on the balance sheet, indicates the net worth of each partner's interest in a business partnership.
A significant document issued by the Accounting Standards Board (ASB) intended to establish a conceptual framework for UK accounting standards, comprising seven key chapters and serving as the cornerstone for the Financial Reporting Standard Applicable in the UK and Republic of Ireland.
An older term for the statement of total recognized gains and losses, now commonly referred to as the statement of comprehensive income, which provides a comprehensive summary of all income and expenses recognized in a financial period.
The Statement of Recommended Practice (SORP) provides guidance on accounting standards and practices for specific industries and sectors.
A non-mandatory statement dealing with accounting topics relevant to a particular industry or sector in the UK, issued by recognized bodies within those industries and approved by the Financial Reporting Council (FRC).
Statements of Standard Accounting Practice (SSAPs) are formal standards for financial reporting and accounting, issued by recognized authorities to ensure consistency, transparency, and adherence to best practices across organizations.
Statements of Standard Accounting Practice (SSAPs) are a series of accounting standards issued by the Accounting Standards Committee between 1971 and 1990. These standards were utilized to ensure consistency and reliability in financial reporting practices.
A financial statement showing the extent to which shareholders' equity has increased or decreased from all the gains and losses recognized during a specific period, excluding transactions with shareholders.
Statement on Auditing Standards (SAS) are issued by the Auditing Standards Board (ASB) of the American Institute of Certified Public Accountants (AICPA) to establish accepted U.S. auditing standards. Members of AICPA must explain any deviations from SAS principles in their audit reports.
The Statements on Internal Auditing Standards (SIAS) are guidelines issued to enhance the competence and consistency of internal auditing within organizations.
Statements on Internal Auditing Standards (SIAS) are guidelines and protocols issued by the Internal Responsibilities Committee of the Institute of Internal Auditors (IIA) to ensure uniformity, integrity, and professionalism in the practice of internal auditing.
An economic model that does not consider or allow for changes over time, and within which all variables are simultaneously solved. Economists use static analysis in supply and demand models for goods and services.
A static budget is a type of budget that remains unaltered even as the activity levels or revenue and expense volumes change throughout the budget period. It is commonly used for fixed costs and for assessing management performance.
Static risk refers to risks with a constant level of uncertainty regarding the outcome or payoff. This type of risk is not influenced by market fluctuations or evolving factors and typically remains unchanged over time.
Stationery refers to writing materials and office supplies such as paper, envelopes, and templates used for correspondence.
A statistic is a descriptive measure calculated from data sampled from a population, used to make inferences about the overall population. It serves as a fundamental element in the field of statistics, aiding in data analysis, hypothesis testing, and predictive modeling.
Statistical inference is the process of drawing conclusions about population properties based on a sample of the data. It involves using statistical methods to estimate population parameters, test hypotheses, and make predictions or generalizations.
Statistical modeling refers to the process of applying statistical analysis to a set of data in order to identify patterns, understand relationships, and make predictions.
Statistical Process Control (SPC) is a method used to monitor, control, and improve the quality of production processes through the use of statistical charts. The primary goal is to ensure that products are produced correctly the first time, maintaining high-quality assurance standards.
Monitoring statistically representative production samples to determine and improve product quality by locating defect sources.
The use of random selection to determine the contents of a sample and of appropriate statistical techniques to evaluate the results obtained from this sample. Statistical sampling provides a measure of the sampling error, i.e., the margin of error that applies in drawing conclusions on the total population.
Computer programs that perform functions helpful to accountants, particularly managerial accountants, by creating, changing, storing, and using mathematical models. Examples include SPSS/PC and Systat.
Statistically significant is a term used in hypothesis testing to determine whether a test statistic meets or exceeds a predetermined threshold, leading to the rejection of the null hypothesis.
Statistics is the study of ways to analyze data. It consists of Descriptive Statistics and Statistical Inference.
Status refers to the position, class, standing, or rank achieved within society. This can be influenced by various factors such as achievements, financial wealth, education, occupation, or social connections. It is an essential aspect within sociological and economic studies that affects social hierarchies and individual identity.
A status symbol is a tangible mark or sign of an individual's social status within a society or organization. These symbols can include luxury goods like expensive cars, homes, and boats.
A statute is a written law created by a legislature under constitutional authority that governs conduct within its scope. Statutes prescribe conduct, define crimes, create subordinate government bodies, appropriate public monies, and promote the public welfare.
The Statute of Frauds is a statutory requirement that mandates certain kinds of contracts to be in writing to be enforceable. Contracts such as answering a creditor for another's debt, contracts made in consideration of marriage, contracts for the sale of real estate, or contracts not to be performed within a year must be written and signed by the party to be bound.
The statute of limitations is a law that sets the maximum time within which parties involved in a legal dispute must initiate legal proceedings from the date of an alleged offense or claim.
The statute of limitations is a law that sets the maximum time frame within which legal proceedings must be initiated after an alleged offense. After this period, the claim is no longer valid.
A statute of limitations sets the maximum period during which parties must initiate legal proceedings to enforce their rights, after which their rights may be unenforceable. The specifics can vary depending on jurisdiction and context, such as those defined by the IRS for tax-related matters.
