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What is budget variance?
A budget "variance" is the difference between planned and actual performance.
The difference between variance and standard deviation?
The SD is the (positive) square root of the variance.
What do you mean by labor cost variance?
Labor cost variance means the difference between standard labor cost and actual labor cost.
Fixed-overhead budget variance?
Fixed overhead budgeted variance is the difference between estimated budgeted cost and actual fixed overhead cost of production.
What is a difference between a pooled variance and a combined variance?
Pooled variance is a method for estimating variance given several different samples taken in different circumstances where the mean may vary between samples but the true variance (equivalently, precision) is assumed to remain the same. A combined variance is a method for estimating variance from several samples, given the size, mean and standard deviation of each. Mathematically, a combined variance is equal to the calculated variance of the set of the data from all samples. See links.
What is the difference between a favorable and an unfavorable balance of trade?
noun the difference between the values of exports and imports of a country, said to be favorable or unfavorable as exports are greater or less than imports. ----
What is favourable variance?
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.
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.
What conflicts may arise between individual choice?
unfavorable or favorable consequences
What does a sales volume variance measure?
A sales volume variance measures the difference between the actual quantity of units sold and the budgeted quantity of units sold, multiplied by the standard selling price. It indicates the impact of changes in sales volume on a company's revenue and is used to assess the effectiveness of sales strategies and forecasts.
Are unfavorable variances credits or debits?
For most accounting entities in the United States, variances are neither debits nor credits, because variances are not recorded on the books of a business. A variance is simply the difference between what we expected the business to earn or spend and what it actually did earn or spend. Only the things that actually did happen are recorded on the books. But the amount we had expected to earn at the beginning of the year can be found in the budgets, forecasts or plans we created for the year when we set up budgets for the year. The difference between what we budgeted for and what actually happened is called the variance from budget. For example, if at the beginning of 2008, we projected that we would have total sales of $5 million dollars for the entire year, but twelve months later, we found that we had had only $4 million in sales in 2008, there is a variance of $1 million dollars, and it is unfavorable, because we actually had less sales revenue than we thought we would earn at the beginning of the year. But if our actual sales for 2008 totalled $6 million, the variance would still be $1 million, but it would be a favorable variance, because we made $1 million more in sales ($6 million) than we originally thought we would (5% million). If actual expenses are higher than the budgeted amount, the difference between the two amounts is an unfavorable variance, because we spent over budget, which reduces our profits. However, if actual expenses are lower than the budgeted amount, the difference is a favorable variance, because we were able to spend less than we thought we would have to, and our profits would be higher.
What is a budget variance?
A budget "variance" is the difference between planned and actual performance.
What is budget variance?
A budget "variance" is the difference between planned and actual performance.
What is difference between the amount budgeted and the actual amount is called?
Difference between actual amount and budgeted amount is called "Variance" and variance analysis is done to find out the reasons for variance
Is there any difference between sales volume variance and Sales Quantity Variance?
Yes
The difference between variance and standard deviation?
The SD is the (positive) square root of the variance.
Favorable materials quanity variance?
In cost accounting, a variance is the difference between what we expected to happen (what we planned for when we created the budget) and what actually happened. If we produce more units from a given quantity of raw material than we expected to produce when we set up the budget, we have a favorable materials quantity variance, because we produced the goods more efficiently than we had planned for. We have used the raw materials with less waste than expected.
