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The difference between actual and standard cost caused by the difference between the actual quantity and the standard quantity is called the?
The difference between actual quantity and standard quantity is called the material quantity variance.
What is difference between the amount budgeted and the actual amount is called?
Difference between actual amount and budgeted amount is called "Variance" and variance analysis is done to find out the reasons for variance
What is the difference between variable overheads cost variance andfixed overheads cost 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.
Favorable materials quanity variance?
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.
What is the difference between a sales volume variance and a sales price variance?
Volume is a change in how many products you sell Price is a change in how much you charge for the product
What is inventory variance?
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.
What difference between a favorable variance and an unfavorable variance?
Favourable variance is that variance which is good for business while unfavourable variance is bad for business
What is inventory variance report?
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.
what is Direct material variance?
Direct material variance refers to the difference between the actual cost of direct materials used in production and the standard cost that was expected to be incurred. It is typically divided into two components: the price variance, which measures the difference between the actual price paid for materials and the standard price, and the quantity variance, which assesses the difference between the actual quantity of materials used and the standard quantity expected for the actual level of production. Analyzing this variance helps businesses identify inefficiencies and cost management issues in their production processes.
The difference between actual and standard cost caused by the difference between the actual quantity and the standard quantity is called the?
The difference between actual quantity and standard quantity is called the material quantity variance.
What is the difference between negative price variance and volume variance?
Negative price variance is when the cost is less than budgeted. Volume variance is a variance in the volume produce.
What is budget variance?
A budget "variance" is the difference between planned and actual performance.
What is a budget variance?
A budget "variance" is the difference between planned and actual performance.
What is difference between the amount budgeted and the actual amount is called?
Difference between actual amount and budgeted amount is called "Variance" and variance analysis is done to find out the reasons for variance
The difference between variance and standard deviation?
The SD is the (positive) square root of the variance.
What is the difference between variable overheads cost variance andfixed overheads cost 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.
When computing standard cost variances the difference between actual and standard price multiplied by actual quantity yields what?
Price Variance
