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Variances are calculated for various reasons. Here is an example of why:
A geologist wants to know where the North American Plate is moving. He measures the position one year. When he re-measures on the same spot he did the previous year, he finds that the new data is 1 inch west of his original measurment. Therefore, he now knows the North American plate is moving west at a rate of 1 inch per year.
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What does activity-level variances plus flexible-budget variances equal?
total master-budget variances
What are adverse variances?
Adverse variances means unfavourable variance which is actual expenses are more than budgted variance.
Why are variances generally segregated in terms of a price variance and an efficiency variance?
Efficiency Varian materials and direct labor, the variances were recorded in specific general ledger accounts.
What does the F statistics tell you?
The difference between two variances
What are budget variances?
Budget variances are differences in expenditures from your original budgeted plan. This may happen if there is an expense during the month that one may not have planned for such as an automotive repair or doctor's bill.
