Favourable variance is that variance which is good for business while unfavourable variance is bad for business
Difference between actual amount and budgeted amount is called "Variance" and variance analysis is done to find out the reasons for variance
A budget "variance" is the difference between planned and actual performance.
The SD is the (positive) square root of the variance.
Negative price variance is when the cost is less than budgeted. Volume variance is a variance in the volume produce.
Salaries expense -can be paid or unpaid while salaries payable is finally pay the salaries...
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.
The difference between the Actual Value & Earned Value is the Project Cost Variance
wages are hourly or per job, salaries are annual, Usually
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.
A commonly used method is to determine the difference between what was allowed by standard costs, which are the budget allowances, and what was actually spent for the output achieved. This difference is called a variance.
The variance of a random variable is a measure of its statistical dispersion, indicating how far from the expected value its values typically are (Wikipedia 2006). The variance of a real-valued random variable is its second central moment, and it also happens to be its second cumulant (Wikipedia 2006). The variance of a random variable is the square of its standard deviation (Wikipedia 2006). Variance is the difference between what is expected and the actuals. it is the difference between "should take" and "did take". The deviation from the actuals is called variance. Variance can be of two types positive and negative.
direct or indirect cost which increases or decreases with production are variable overheads such as, indirect material, indirect labor, utilities, maintenancd expansis etc. expansis which does not fluctuate with increase or decrease of production called fixed overheads such as rent, salaries, insurance, professional membership like ISO etc.
Labor cost variance means the difference between standard labor cost and actual labor cost.
Fixed overhead budgeted variance is the difference between estimated budgeted cost and actual fixed overhead cost of production.
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.
The difference between actual quantity and standard quantity is called the material quantity variance.
The variance and the standard deviation will decrease.
There is no AFL 2!
Difference between actual overhead and applied overhead is as follows: Difference = 33451 - 32000 = 1450 Difference of variance will be charged to income statement.
Ionic. 1.4 electronegativity or higher variance. Covalent. Less than 1.4 electronegativity variance.
Idle time variance is a difference between budgeted hour for work and actual worked hours multiplied by the standard wage rate.
Volume is a change in how many products you sell Price is a change in how much you charge for the product
differences between city and country