UNIT 4 AOS 2

Question 1

BUDGETING

Answer 1

the process of predicting/estimating the financial consequences of future events

Question 2

BUDGET

Answer 2

an accounting report that predicts/estimates the financial consequences of future events

Question 3

VARIANCE

Answer 3

the difference between actual and budgeted figures, usually described as favourable or unfavourable

Question 4

VARIANCE REPORT

Answer 4

an accounting report that compares actual and budgeted figures, highlighting variances so that problems can be identified and corrective action taken