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Explain variances
Variances are the difference between actual costs and standard cost during an accounting period. It refers to variation of actual results with planned results. Variance analysis is a systematic process which analysis and interprets the variances. It refers to the break down of the total variances into different components. Normally, variances can take tow forms namely:
1) Favorable variances: when actual costs are less than the standard costs; and
2) Unfavorable variances: when actual costs exceeds the standard costs.
Sometimes actual results are just equal to planned results, the situation is known as zero variance.
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It is a spontaneous source of finance that is commonly extended to business organization depending on the custom of the competition and trade prevailing within the organization and
State Material price variance Difference among standard price and the actual price of the material is the material price variance. This variance arises because of various facto
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