budgetary variance
1Variance (accounting) — In budgeting (or management accounting in general), a variance is the difference between a budgeted, planned or standard amount and the actual amount incurred/sold. Variances can be computed for both costs and revenues.The concept of variance is… …
2variance — 1) In standard costing and budgetary control, the difference between the standard or budgeted levels of cost or income for an activity and the actual costs incurred or income achieved. If the actual performance is better than standard then a… …
3variance — In standard costing and budgetary control, the difference between the standard or budgeted levels of cost or income for an activity and the actual costs incurred or income achieved. If the actual performance is better than standard then a… …
4adverse variance — unfavourable variance In standard costing and budgetary control, the differences between actual and budgeted performance of an organization where the differences create a deduction from the budgeted profit. For example, this may occur if the… …
5analysis of variance — ANOVA; variance analysis 1) A commonly used method for examining the statistically significant differences between the means of two or more populations In its simplest form (one way analysis of variance), it involves only one dependent variable… …
6analysis of variance — ANOVA; = variance analysis In standard costing and budgetary control, the analysis of variances in order to seek their causes. The total profit variance or production cost variance is analysed into sub variances to indicate the major reasons for… …
7favourable variance — In standard costing and budgetary control, any difference between the actual and budgeted performance of an organization where this creates an addition to the budgeted profit. For example, this may occur if the actual sales revenue is greater… …
8controllable variance — In standard costing or budgetary control, a variance that is regarded as controllable by the manager responsible for that area of an organization. The variance occurs as a result of the difference between the budget cost allowance and the actual… …
9controllable variance — In standard costing or budgetary control, a variance that is regarded as controllable by the manager responsible for that area of an organization. The variance occurs as a result of the difference between the budget cost allowance and the actual… …
10accounting — /euh kown ting/, n. 1. the theory and system of setting up, maintaining, and auditing the books of a firm; art of analyzing the financial position and operating results of a business house from a study of its sales, purchases, overhead, etc.… …
