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What Is Variance In The Context Of Financial Management? |
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Answer» A VARIANCE is the difference between the actual cost and standard cost. If the EFFECT of the variance is to increase the profit, the variance is said to be FAVORABLE. In the reverse CASE, it is adverse or UNFAVORABLE. A Variance is the difference between the actual cost and standard cost. If the effect of the variance is to increase the profit, the variance is said to be favorable. In the reverse case, it is adverse or unfavorable. |
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