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Variance reports

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    Wendy C.
    AU
    Wendy C.

    Variance Reports are derived from the Profit and Loss statement and the Balance sheet.

    Samuel F.
    ZA
    Samuel F.

    How is the material usage variance account reported on the financial statements?

    Harrison A.
    AT
    Harrison A.

    let's look at variance report from the cost perspective,generally,a cost variance is the difference between a cost's actual amount and its budgeted or planned amount .e.g,if a company had actual repairs expenses of €950 for May but the budgeted amount was €800,the company had a cost variance of €150 . since the actual cost was more than the budgeted amount,the cost variance is said to unfavourable . But when an actual cost is less than the budgeted amount ,the cost variance is said to be favourable.Cost variances are a key part of the standard costing system used by many manufactures.These cost variances send an early signals to mgt that the company is experiencing actual cost that is different from the company's plan .

    Harrison A.
    AT
    Harrison A.

    what is a cost variance ?

    Zachary B.
    US
    Zachary B.

    What are variance reports?

    Diamond T.
    US
    Diamond T.

    How is the material usage variance account reported on the financial statements?

    Douglas R.
    US
    Douglas R.

    A lot of math problems to work with.

    Erick V.
    PE
    Erick V.

    Este informe de Varianza debe reflejarse fielmente en el estado de perdidas y ganancias

    Tony I.
    NG
    Tony I.

    Dont really understand this heading.Needs some further explanations please.Can someone assist?

    Pride C.
    ZW
    Pride C.

    complexities common to larger companies...there is an approved budget and there is an authorized budget...actual represents the authorized budget

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