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Difference between actual amount and budgeted amount is called "Variance" and variance analysis is done to find out the reasons for variance
Cost variance means the difference in actual cost from standard cost and very important part of standard costing and budgeting analysis.
yes
In standard costing system standard costs for all activities are established for better controlling purpose as well as budgeting purpose so standard cost is that cost which is management expects to occurs if some activity is performed but actual cost is the cost which actually spend to perform specific activity and both costs may be same or different due to many reasons and variance analysis is done to find out the reasons for differences.
There a many types of activities performed by business organizations. Some of these activities are sales and marketing's, profit sharing, profit maximization, operations, finance, merchandising, and manufacturing.
A mix of linear regression and analysis of variance. analysis of covariance is responsible for intergroup variance when analysis of variance is performed.
Hardeo Sahai has written: 'Analysis of variance for random models' -- subject- s -: Analysis of variance 'The analysis of variance' -- subject- s -: Analysis of variance
) Distinguish clearly between analysis of variance and analysis of covariance.
Explian DOE using Variance Analysis
standard costing and variance analysis
Listen mate! I'll break it down to you.. variance analysis
Listen mate! I'll break it down to you.. variance analysis
http://www.futureaccountant.com/standard-costing-variance-analysis/ http://www.futureaccountant.com/standard-costing-variance-analysis/
Compare Standard costing vs variance analysis?"
Analysis of Variance (ANOVA) compares 3 or more means. The t-test would only compare 2 means.
efficiency variance, spending variance, production volume variance, variable and fixed components
James H. Bray has written: 'Multivariate analysis of variance' -- subject(s): Multivariate analysis, Analysis of variance