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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.
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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 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 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 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 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 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.
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.
What is the difference between variable overheads cost variance andfixed overheads cost variance?
Variable overhead cost variance is that variance which is in variable overheads costs between the standard cost and the actual variable cost WHILE fixed overheads cost variance is variance between standard fixed overhead cost and actual fixed overhead cost.
What is the difference between favourable and unfavourable balance of payment?
when import of a country decrease and export increase it is known as favourable balance of of payment and vice versa
