Ch 8 Flashcards
1
Q
What is management by exception?
A
A management system that compares actual results to a budget so that significant deviations can be flagged as exceptions and investigated further
2
Q
What is a revenue variance?
A
The difference between what the total revenue should have been and the actual revenue
3
Q
What is the spending variance?
A
The difference between how much a cost should have been and the actual amount of the cost
4
Q
Review page 348
A
Review page 348
