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What is the main focus of variance analysis?
What is the main focus of variance analysis?
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Practice Questions
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Q1
What is the main focus of variance analysis?
To compare actual costs to budgeted costs
To determine the break-even point
To classify costs into fixed and variable
To allocate overhead costs
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Variance analysis primarily focuses on comparing actual costs to budgeted costs to identify discrepancies.
Questions & Step-by-step Solutions
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Q
Q: What is the main focus of variance analysis?
Solution:
Variance analysis primarily focuses on comparing actual costs to budgeted costs to identify discrepancies.
Steps: 5
Show Steps
Step 1: Understand that variance analysis is a method used in finance and accounting.
Step 2: Know that it compares actual costs (what was really spent) to budgeted costs (what was planned to be spent).
Step 3: Identify that the main goal is to find differences or discrepancies between these two amounts.
Step 4: Recognize that by finding these differences, businesses can understand where they are overspending or saving money.
Step 5: Conclude that variance analysis helps in making better financial decisions in the future.
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