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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 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 variance in a comprehensive performance report using the flexible budget concept is most appropriate for measuring efficiency of operations?
The most appropriate variance in a comprehensive performance report using the flexible budget concept for measuring operational efficiency is the "Efficiency Variance," often referred to as the "Usage Variance" or "Input Variance." This variance assesses the difference between the actual input used and the expected input based on the flexible budget for the actual level of activity. It highlights how well resources are utilized relative to what was budgeted, thereby providing insights into the effectiveness and efficiency of operations. Analyzing this variance helps identify areas for improvement in resource management and operational processes.
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.
If actual overhead for the year is 33451 and applied overhead is 32000 is the overhead variance over applied or under applied assuming the amount is immaterial how would you dispose of the variance?
Difference between actual overhead and applied overhead is as follows: Difference = 33451 - 32000 = 1450 Difference of variance will be charged to income statement.
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 a budget variance?
A budget "variance" is the difference between planned and actual performance.
What is budget variance?
A budget "variance" is the difference between planned and actual performance.
What the difference between actual value and earned value?
The difference between the Actual Value & Earned Value is the Project Cost 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.
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 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.
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 do you mean by labor cost variance?
Labor cost variance means the difference between standard labor cost and actual labor cost.
If actual overhead for the year is 33451 and applied overhead is 32000 is the overhead variance over applied or under applied assuming the amount is immaterial how would you dispose of the variance?
Difference between actual overhead and applied overhead is as follows: Difference = 33451 - 32000 = 1450 Difference of variance will be charged to income statement.
When computing standard cost variances the difference between actual and standard price multiplied by actual quantity yields what?
Price Variance
What are the two variances between the actual cost and the standard cost for direct labor?
The two variances between the actual cost and the standard cost for direct labor are the labor rate variance and the labor efficiency variance. The labor rate variance measures the difference between the actual hourly wage paid and the standard wage expected, multiplied by the actual hours worked. The labor efficiency variance assesses the difference between the actual hours worked and the standard hours allowed for the actual production, valued at the standard hourly rate. These variances help businesses analyze their labor costs and operational efficiency.
