A favorable budget variance refers to positive variances or gains;

Tips for this assignment:

 

Note the first variance has been done for you!

  • A favorable budget variance refers to positive variances or gains;
  • an unfavorable budget variance describes negative variance, meaning losses and shortfalls;and
  • budget variances occur because forecasters are unable to predict the future with complete accuracy.

 

    1. Complete the table below.
  1. Think, what is the variance for each item (percentage and number)?
  • Note; when you are completing this table, you will only need to fill in the pink section which will be the difference between the budget and actual.
  1. Note; some of these numbers will be negative. The first variance has been done for you.
  2. You must explain your calculationsanswering the questions included after the table

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