Budgets And Variance Flashcards
1
Q
What is a budget?
A
A detailed plan for the future concerning the revenues and costs expected over a certain period of time
2
Q
Variance =
A
The difference between the actual and budget figures
3
Q
Favourable variance=
A
When the sales budget is greater than the forecast
4
Q
Adverse variance=
A
When the forecast is greater than the actual
