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Standard cost accounting uses ratios called efficiencies that compare the labor and materials actually used to produce a good with those that the same goods would have required under "standard" conditions. As long as actual and standard conditions are similar, few problems arise.
Efficiency is often measured as the ratio of useful output to total input, which can be expressed with the mathematical formula r=P/C, where P is the amount of useful output ("product") produced per the amount C ("cost") of resources consumed.
In economics, total-factor productivity (TFP), also called multi-factor productivity, is usually measured as the ratio of aggregate output (e.g., GDP) to aggregate inputs. [1] Under some simplifying assumptions about the production technology, growth in TFP becomes the portion of growth in output not explained by growth in traditionally ...
Some economists instead use gross value added (GVA); there is normally a strong correlation between GDP and GVA. [7] The measure of input use reflects the time, effort and skills of the workforce. The denominator of the ratio of labour productivity, the input measure is the most important factor that influences the measure of labour productivity.
A ratio's values may be distorted as account balances change from the beginning to the end of an accounting period. Use average values for such accounts whenever possible. Financial ratios are no more objective than the accounting methods employed. Changes in accounting policies or choices can yield drastically different ratio values. [6]
Searchers were using electronic devices and cameras as surface digging continued with the use of heavy equipment, Bacha said. In the coming days, they plan to greatly widen the surface hole, with ...
Similarly, the number of units bought is added to beginning inventory to get current goods available for sale. After each purchase, cost of current inventory is divided by current goods available for sale to get current cost per unit on goods. Also during the year, multiple sales happen. The Current goods available for sale is deducted by the ...
Human remains found in Lebanon Township, Pennsylvania, in 1973 have been identified, officials in the state confirmed. Pennsylvania State Police Sgt. Josh Lacey announced in a press conference on ...