a. b. C. Flexible Budget Variance for Revenues Flexible Budget Variance for Tot Variable Cost Flexible Budget Variance for Fixed Cost
Variance Analysis
In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.
Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
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A flexible budget variance is made and calculated by the company or by the management to determine about the variances which would have resulted when the same units which have been in actual the budget would have been made.
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