Variance analysis

4 Importance of Standard Costing with detailed explanation

Standard costing is a branch of cost accounting or managerial accounting which is mostly used in a manufacturing concern that involves direct material, direct labour, and overheads. Standard rates are used while assigning the cost of direct labour, direct material, and overhead costs, it means that the finished goods and cost of goods sold will …

4 Importance of Standard Costing with detailed explanation Read More »

What is Variance Analysis? Definition, Explanation, 4 Types of Variances

Definition: Variance analysis is an important aspect of cost and management accounting systems. It is the process of comparing the budgeted/standard costs or revenue to the actual costs incurred or revenue earned. Variance analysis is more on cost or management accounting rather than financial accounting. It is generally served management for their performance management especially …

What is Variance Analysis? Definition, Explanation, 4 Types of Variances Read More »

Scroll to Top