Here is a term paper on ‘Variance Analysis’ for class 9, 10, 11 and 12. Find paragraphs, long and short term papers on ‘Variance Analysis’ especially written for school and college students. Term Paper on Variance Analysis Term Paper Contents: Term Paper on the Meaning and Definition of Variance Analysis Term Paper on Favourable and Unfavourable Variance Term Paper on [...]
Get the answer of: What is Variance Analysis? 'Variance' is the difference between planned, budgeted or standard cost and actual costs and similarly in respect of revenues. This should not be confused with the statistical variance which measures the dispersion of a statistical population. 'Variance Accounting' is a technique whereby the planned activities of an undertaking are quantified in budgets, [...]
The following points highlight the four major types of variance analysis. The types are: 1. Material Variances 2. Labour Variances 3. Variable Overhead Variances 4. Sales Variances. Variance Analysis: Type # 1. Material Variances: Some Definitions: 1. Direct Materials Usage Variance: "The difference between the standard quantity specified for actual production and the actual quantity used at standard purchase price." [...]