In accounting, a variance refers to the difference between an actual result and an expected result. Variances can occur in many different areas, including sales, expenses, production costs, and labor...
Category: Intermediate Accounting
Operating leverage is a measure of how sensitive a company's operating income is to changes in revenue. In other words, it is a measure of how much a company's profits will change in response to...
A production budget is a financial plan that outlines a company's expected production output over a specific period of time. It is an important component of a company's overall operating budget and...
A master budget is a comprehensive financial plan that summarizes an organization's goals and objectives for a specific period. It integrates all the individual budgets into a single, coordinated...
The Accounting Standards Codification (ASC) is a comprehensive database of accounting standards and guidance developed by the Financial Accounting Standards Board (FASB). Before the ASC was...
EITF stands for the "Emerging Issues Task Force," and it is a committee within the Financial Accounting Standards Board (FASB). The purpose of the EITF is to provide guidance on emerging...
