Yes
The difference between actual quantity and standard quantity is called the material quantity variance.
Difference between actual amount and budgeted amount is called "Variance" and variance analysis is done to find out the reasons for variance
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.
In cost accounting, a variance is the difference between what we expected to happen (what we planned for when we created the budget) and what actually happened. If we produce more units from a given quantity of raw material than we expected to produce when we set up the budget, we have a favorable materials quantity variance, because we produced the goods more efficiently than we had planned for. We have used the raw materials with less waste than expected.
Volume is a change in how many products you sell Price is a change in how much you charge for the product
An inventory variance report shows the difference between previous recorded inventory quantity and correct inventory quantity which is discovered immediately after a physical count. It also reports on the value difference the quantity variances caused.
Favourable variance is that variance which is good for business while unfavourable variance is bad for business
An inventory variance report shows the difference between previous recorded inventory quantity and correct inventory quantity which is discovered immediately after a physical count. It also reports on the value difference the quantity variances caused.
The difference between actual quantity and standard quantity is called the material quantity variance.
Negative price variance is when the cost is less than budgeted. Volume variance is a variance in the volume produce.
A budget "variance" is the difference between planned and actual performance.
A budget "variance" is the difference between planned and actual performance.
Difference between actual amount and budgeted amount is called "Variance" and variance analysis is done to find out the reasons for variance
The SD is the (positive) square root of the variance.
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.
Price 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.