Chapter 7.3 Budget Variances Flashcards
1
Q
What does a budget variance represent?
A
The difference between the actual and budgeted figures.
2
Q
What 2 terms are there for budget variances?
A
Favorable and unfavorable.
3
Q
True or false: a favorable variance = an organisation spent less, while an unfavorable variance = when an organization spent more
A
True.
