Financial Accounting Terms with "V"

Glossary of Financial Accounting - Glossario Contabilità Finanziaria

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Value to the Business: an idea used in deciding on a measure of current value.

Variance: the difference between a planned, budgeted or standard cost and the actual cost incurred. An adverse variance arises when the actual cost is greater than the standard cost. A favourable variance arises when the actual cost is less than the standard cost.