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A question said that it is wrong to say variance is difference between actual and budget.
It stated as that variance is only check when flexed budget is compared to actual.
I want to ask that is it really true that fixed budget and actual results when compared do not provide variance?Yes it is true.
Apart from the sales volume variance, all the other variances are comparing the actual results with the flexed budget figures (i.e. the standard costs for the actual production).
Have you watched my free lectures on this. The lectures are a complete free course and cover everything needed to be able to pass the exam well.
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