Total variance in variance analysis compares O Flexible budget and actual outcome Static budget and flexible budget Flexible budget and static outcome Static budget and actual outcome
Total variance in variance analysis compares O Flexible budget and actual outcome Static budget and flexible budget Flexible budget and static outcome Static budget and actual outcome
Chapter7: Budgeting
Section: Chapter Questions
Problem 17MC: Which budget evaluates the results of operations at the actual level of activity? capĂtal budget...
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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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