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What is favourable variance?

Anonymous

∙ 10y ago

Updated: 12/19/2022

A favorable variance is the difference between the budgeted or standard cost and the actual cost. If the actual cost is less than budgeted or standard cost, it is a favorable variance.

Wiki User

∙ 10y ago

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Related Questions

What difference between a favorable variance and an unfavorable variance?

Favourable variance is that variance which is good for business while unfavourable variance is bad for business

What are the causes direct material quantity variance?

what are some of the causes of material quntity variance of favourable amount

What is adverse variance?

A non favourable variance Eg: adverse revenue means the company earned less revenue than expected.

Where the actual cost is found to be less than standard cost is known as?

favourable variance

What is favourable?

A favorable variance is the difference between the budgeted or standard cost and the actual cost. If the actual cost is less than budgeted or standard cost, it is a favorable variance.

A favorable fixed overhead volume variance occurs if?

Favourable fixed overhead variance occurs when actual fixed cost is less than the budgeted fixed overhead expenses.

What is direct labor variance?

It means the difference between the budgeted or estimated direct labour cost at the start of work activity with the actual direct labour cost at the end of activity or fiscal year. If budgeted cost is more then the actuall then it is favourable variance otherwise it is unfavourable direct labour cost variance

What causes a DM Price Variance?

There are a number of reasons for causinf DM Price Variance. Adverse Price Variance 1) Demand > Supply (Low Supply, High Demand result in price to be material purchase to be more costly) 2) Change to a higher grade material quality. 3) Purchases made from oversea, exchange rate incurred 4) Purchases made in smaller quantity As for favourable DM price variance, explanation will be opposite of the above given.

What is the Difference between favourable and adverse variance?

At the start of fiscal period every organisation prepares budgets for the coming period and then use the same estimated budget at the end of fiscal year to evaluate the performence in the fiscal year. When actuall amount for any activity is utilized less then the budgeted amount estimated for the same activity at the start of the fiscal year and perform the same activity accurately as estimated at start of period with less amount then it is called favourable variance and vice versa.

How do you use favourable in sentence?

You can use "favourable" in a sentence to describe a situation that is advantageous or beneficial, such as "The weather forecast is favourable for our outdoor event."

What is the prefix favourable?

unfavour

What is the difference between negative price variance and volume variance?

Negative price variance is when the cost is less than budgeted. Volume variance is a variance in the volume produce.

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