The difference between the budgeted amounts and the actual results is classified as __________?
Correct answer: B. variances
- A. standard deviation
- B. variances
- C. mean average
- D. weighted average
Explanation
A variance is the difference between a budgeted or standard amount and the actual result. Standard deviation and averages measure statistical dispersion or central tendency, not budget-versus-actual differences.
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About Cost Accounting
Cost accounting measures and analyses the cost of producing goods or providing services for planning, control and pricing decisions. It covers direct and indirect costs, fixed and variable costs, job and process costing, break-even analysis, marginal costing, overhead allocation, and the difference between product cost and period cost.
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