What term describes the discrepancy between the planned budget figures and the actual outcomes?

Multiple choice question for Budgeting and Accounting. Select an option, then review the explanation below.

Explanation

The difference between budgeted amounts and actual results is known as variances. Standard deviation measures data spread, while mean average and weighted average refer to types of averages.

Practice related questions from the same subject.

1.Which type of department is managed by a person accountable for both expenses and income?
2.Which type of managerial responsibility focuses solely on controlling the company's costs?
3.What term is used to describe a manager who has a greater number of subordinates and operates at a higher managerial level?
4.What term describes the use of variables to indicate if strategies are successful or unsuccessful?
5.Which one of these represents a revenue center?

What term describes the discrepancy between the planned budget figures and the actual outcomes?

Explanation

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