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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 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 a cost budget?
Budgeted labour cost is an expected or standard labour cost to perform any activity. In budgeting process budgeted cost for doing every activity is calculated before so that it would be helpful in control or evaluation stage to check whether expenses are according to budget or not and if not then what's the reasons.
Fixed-overhead budget variance?
Fixed overhead budgeted variance is the difference between estimated budgeted cost and actual fixed overhead cost of production.
What is a budget labor cost?
Budgeted labour cost is an expected or standard labour cost to perform any activity. In budgeting process budgeted cost for doing every activity is calculated before so that it would be helpful in control or evaluation stage to check whether expenses are according to budget or not and if not then what's the reasons.
What is budget costing?
Budgeted labour cost is an expected or standard labour cost to perform any activity. In budgeting process budgeted cost for doing every activity is calculated before so that it would be helpful in control or evaluation stage to check whether expenses are according to budget or not and if not then what's the reasons.
How would you describe a financial budget?
Financial budgets identify sources and outflows of funds for the budgeted operations and the expected operating results for the period.
What is the difference between estimated cost and actual cost?
Estimated cost is the budgeted cost according to the original Project Management. Actual cost represent the actual payments (actual cost of the project). Your question seems related to earned value analysis, which is essentially comparing the budgeted cost/hours against the actual cost/hours.
Difference between budgeting and forecasting in cost accounts?
Budgeted cost compares with actual cost and then we try to reduce if cost is more than budgeted cost Forcasting is just estimation of future cost . They may use or not . These forecasted cost is just direction for future cost but practically only budgeting concept is more relevant regarding cost accounts .
The budgeted selling price for a staple is 10 per staple and the variable ragte is 5 per staple and budgeted fixed costs are 12000 what is the budgeted operating income for 5000 staples?
Sales revenue (5000 * 10) 50000Less:Variable Cost (5000 * 5) 25000Contribution margin 25000Less:Fixed Cost 12000Operating Income 13000
The following data is received from your contractor on a key component of the project Budgeted Cost of Work Performed (BCWP) 300 Budgeted Cost of Work Scheduled (BCWS) 200 Actual Cost of Work Performe?
The Budgeted Cost of Work Performed (BCWP) is 300, indicating the value of work completed, while the Budgeted Cost of Work Scheduled (BCWS) is 200, representing the planned value of work that was scheduled to be completed by this point. The Actual Cost of Work Performed (ACWP) is not provided, but comparing BCWP to BCWS suggests the project is ahead of schedule. This positive variance indicates efficient progress, assuming ACWP remains manageable.
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
