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What is the formula for calculating the variance in a flexible budget?
What is the formula for calculating the variance in a flexible budget?
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Practice Questions
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Q1
What is the formula for calculating the variance in a flexible budget?
Actual Costs - Flexible Budget Costs
Flexible Budget Costs - Actual Costs
Budgeted Costs - Actual Costs
Actual Revenue - Budgeted Revenue
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Variance in a flexible budget is calculated as Actual Costs - Flexible Budget Costs.
Questions & Step-by-step Solutions
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Q
Q: What is the formula for calculating the variance in a flexible budget?
Solution:
Variance in a flexible budget is calculated as Actual Costs - Flexible Budget Costs.
Steps: 5
Show Steps
Step 1: Understand that a flexible budget adjusts based on actual activity levels.
Step 2: Identify the actual costs incurred during the period.
Step 3: Determine the flexible budget costs, which are the budgeted costs adjusted for the actual activity level.
Step 4: Subtract the flexible budget costs from the actual costs to find the variance.
Step 5: Write the formula: Variance = Actual Costs - Flexible Budget Costs.
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