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What is Understanding Variance Analysis about?
Variance analysis is a process that analyzes the difference between actual and flexed standard results. Key variances include sales, material, labor, variable overhead, and fixed overhead variances. Calculating and explaining variances helps identify possible causes for differences from the budget or standard. Once variances are calculated, an operating statement can reconcile actual and budgeted profits under absorption or marginal costing principles.
- Author
- mujuni brianmju
- Language
- EN