In the world of finance, there are many different metrics that businesses use to evaluate their financial performance. These metrics, known as financial metrics, are quantitative measurements that...
Category: Managerial Accounting
A direct material variance refers to the difference between the actual cost of materials used in the production process and the standard cost of materials that were expected to be used. This variance...
A factory overhead variance refers to the difference between the actual factory overhead costs incurred by a company during the production process and the standard factory overhead costs that were...
A variance report is a document that compares actual financial results to expected or budgeted results. The report shows the difference between the two values and is an essential tool for businesses...
Standard costs are predetermined costs that a company expects to incur to produce a product or service. These costs are based on the company's experience and industry standards and are used as...
Manufacturing cost variance is a term used in managerial accounting to refer to the difference between the actual cost of manufacturing a product and the standard cost of manufacturing the same...