standard direct labour cost


standard direct labour cost
/ˌstændəd dɪˌrekt 'leɪbə kɒst/ noun
the cost of labour calculated to produce a product according to specification (used to measure estimates)

Dictionary of banking and finance. 2015.

Look at other dictionaries:

  • standard direct labour cost — In standard costing, a standard cost derived from the standard time allowed for the performance of an operation and the standard direct labour rate for the operators specified for that operation …   Accounting dictionary

  • standard direct labour cost — In standard costing, a standard cost derived from the standard time allowed for the performance of an operation and the standard direct labour rate for the operators specified for that operation …   Big dictionary of business and management

  • Direct labour cost variance — is the difference between the standard cost for actual production and the actual cost in production.[1] There are two kinds of labour variances. Labour Rate Variance is the difference between the standard cost and the actual cost paid for the… …   Wikipedia

  • direct labour efficiency variance — In a standard costing system, a variance arising as part of the direct labour total cost variance. It compares the actual labour time taken to carry out an activity with the standard time allowed and values the difference at the standard direct… …   Accounting dictionary

  • direct labour total cost variance — The combination of the direct labour rate of pay variance and the direct labour efficiency variance; it compares the actual cost and the standard cost of the direct labour incurred in carrying out the actual production. The formula for this… …   Accounting dictionary

  • direct labour rate of pay variance — In a standard costing system, a variance arising as part of the direct labour total cost variance. It compares the actual rate paid to direct labour for an activity with the standard rate of pay allowed for that activity for the actual hours… …   Accounting dictionary

  • Labour Party (UK) — Labour Party …   Wikipedia

  • standard costing — A system of cost ascertainment and control in which predetermined standard costs and income for products and operations are set and periodically compared with actual costs incurred and income generated in order to establish any variances.… …   Accounting dictionary

  • standard costing — A system of cost ascertainment and control in which predetermined standard costs and income for products and operations are set and periodically compared with actual costs incurred and income generated in order to establish any variances Standard …   Big dictionary of business and management

  • direct hour — An hour spent working on a product, service, or cost unit of an organization. It is usually expressed as a direct labour hour, machine hour, or standard hour …   Accounting dictionary


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