List and Describe the Four Areas of Competence That One

question 7

Essay

List and describe the four areas of competence that one should develop in order to become an effective teacher, and give an example of each.

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Definitions:

Standard Costing System

A cost accounting system that uses standard costs for product costs and measures variances to actual costs for performance evaluation.

Overhead Volume Variance

The difference between the expected (budgeted) overhead costs and the actual overhead allocated based on actual volume of production.

Materials Price Variance

The difference between the actual cost of materials used in production and the budgeted cost, based on standard pricing.

Total Materials Variance

The difference between the actual cost of materials used in production and the standard cost of those materials.