insurance accounting

auto insurance,health insurance,american family insurance,cheap car insurance for ladies,how to donate car,donate car,insurance lawyers

  • Beranda
Home → Tanpa Kategori → Concept And Formula Of Labor Idle Time Variance(LITV)

Concept And Formula Of Labor Idle Time Variance(LITV)

Capsul Tube
Add Comment
Wednesday, February 16, 2011
Labor idle time variance, which is also known as sub-efficiency variance, indicates the standard cost of the actual hours for which the employees may remain idle due to abnormal circumstances like strikes, lockouts, power failure, breakdown of machinery, unavailability of raw materials, transportation strike, and so on. The idle time variance is always unfavorable. For the accurate calculation of the labor efficiency variance, labor idle time should be adjusted.

Formula For The Calculation Of Labor Idle Time Variance (LITV)

Labor Idle Time Variance (LITV) = Idle Time x Standard Rate

  • Share This Article

  • Facebook

  • Twitter

  • Google+
Tulis Comments

Thanks For Your Comment Here
<<
>>
Subscribe to: Post Comments (Atom)

Popular Posts

  • Steps Of Current Purchasing Power (CPP) Method
    Under current purchasing power ( CPP ) method, financial statements prepared under historical cost accounting are re-stated by using an appr...
  • Concept Of Routine Checking, Its Advantages And Disadvantages
    Routine Checking Regular checking of all the daily transactions is known as Routine Checking. Routine checking incorporates the following ta...
  • Limitation Of Historical Cost Accounting (HCA)
    Financial statements prepared under historical accounting system suffer from a number of limitations, which are as follows: 1. No Considerat...
  • Concept And Calculation Process Of Weighted Average Cost Of Capital
    Weighted Average Cost Of Capital( WACC ) Generally, projects are evaluated on the basis of overall cost of capital, not on the basis of spec...
  • Meaning Of Partial Audit, Its Objectives, Advantages And Disadvantages
    Meaning Of Partial Audit An audit which is conducted considering the particular area of accounting is known as partial audit. Under partial ...
  • Exceptions Of The Law Of Diminishing Marginal Utility
    There are various limitations / exceptions of the law of diminishing marginal utility. Major limitations are as follows: 1. Homogeneous Comm...
  • Concept Of Wealth Maximization Objective Of The Firm
    The wealth maximization objective is almost universally accepted goal of a firm. According to this objective, the managers should take decis...
  • Characteristics Of Human Resource Planning
    Characteristics of effective human resource planning are as follows: 1. Future Oriented Human resource planning is prepared to assess the fu...
  • Types Of Consignment Expenses
    The various expenses are required for goods sent by consignor to consignee. Similarly, the expenses are also required for storing and sellin...
  • Objectives And Methods Of Accounting For Price Level Changes
    Objectives Of Accounting For Price Level Changes Historical cost accounting financial statements are prepared on the assumption that monetar...

About Me

Capsul Tube
View my complete profile
Powered by Blogger.

Blog Archive

  • ►  2014 (20)
    • ►  August (1)
    • ►  July (1)
    • ►  June (3)
    • ►  February (7)
    • ►  January (8)
  • ►  2013 (157)
    • ►  December (1)
    • ►  August (2)
    • ►  July (5)
    • ►  May (12)
    • ►  April (8)
    • ►  March (78)
    • ►  February (2)
    • ►  January (49)
  • ►  2012 (124)
    • ►  December (21)
    • ►  September (1)
    • ►  August (4)
    • ►  June (2)
    • ►  May (12)
    • ►  April (20)
    • ►  February (51)
    • ►  January (13)
  • ▼  2011 (180)
    • ►  December (10)
    • ►  November (4)
    • ►  October (56)
    • ►  September (2)
    • ►  July (29)
    • ►  June (12)
    • ►  April (33)
    • ▼  February (27)
      • Concept And Meaning Of Value Added Statement (VAS)
      • Advantages Of Value Engineering
      • Measurement Of Value In Value Engineering
      • Concept And Meaning Of Value Engineering And Its P...
      • Tools And Techniques Of Cost Reduction
      • Cost Reduction Areas
      • Differences Between Cost Control And Cost Reduction
      • Concept And Meaning Of Cost Reduction
      • Concept And Meaning Of Cost Control
      • Limitations Or Disadvantages Of Budgeting
      • Advantages Of Budgeting
      • Objectives Of A Budget
      • Outline Of The Components Of Budgeting Or Budgetin...
      • Meaning Of Budgeting And Budget
      • Classification Or Types Of Overhead Variances
      • Concept Of Overheads And Overhead Variance
      • Preparation Of Flexible Budget Using Formula Approach
      • Differences Between Static Budget And Flexible Budget
      • Importance Or Advantages Of Flexible Budget
      • Characteristics Of Flexible Budget And Steps To B...
      • Concept And Meaning Of Flexible Budget
      • Concept And Formula Of Labor Idle Time Variance(LITV)
      • Concept And Formula Of Labor Yield Variance(LYV)
      • Concept And Formula Of Labor Mix Or Gang Compositi...
      • Concept And Formula Of Labor Efficiency Variance
      • Concept And Formula Of Labor Rate Variance (LRV)
      • Concept And Formula Of Labor Cost Variance (LCV)
    • ►  January (7)
  • ►  2010 (19)
    • ►  November (19)
| Copyright © 2010 : insurance accounting | Design By : Ridwan Hex | Powered By : Blogger | Google | Alexa |