Variance Analysis, Static, Flexible and Actual Budgets (Managerial Accounting Series)
In this managerial accounting tutorial I provide an illustrative example as to what variances are and the many different variances we can have for things like materials, labor, overhead, etc. We look at the static budget, flexible budget, and actual budget and demonstrate how to extrapolate usage and price variances from the differences in these budgets. We also talk about actual quantities, actual prices, standard prices and standard quantities along with equations. Watch now!
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