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Variance

This topic has 1 reply, 2 voices, and was last updated 5 years ago by John Moffat.

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May 29, 2020 at 7:45 pm #572240
AverageAndy
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- Topics: 128
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sir why is the answer to following statement false :
” A variance is the difference between budgeted and actual cost”?
Should not the answer be TRUE?
May 30, 2020 at 9:50 am #572272
John Moffat
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- Topics: 57
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No – it is false.
Cost variances are the differences between the actual cost and the standard cost of the actual production, as I explain in my lectures.
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