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www.accountingcoach.com/terms/F/favorable-variance

favorable variance definition. A difference between an actual cost and a budgeted or standard cost, and the actual cost is the lesser amount. In the case of revenues, a favorable variance occurs when the actual revenues are greater than the budgeted or standard revenues.

www.myaccountingcourse.com/.../favorable-variance

Definition: A favorable variance is the positive difference between budgeted figures for a period and actual figures for the period. In other words, the company performed better than it originally budged for. What Does Favorable Variance Mean? Budgeting is extremely important in the business world.

www.businessdictionary.com/definition/favorable-variance.html

Definition of favorable variance: A situation that occurs when an anticipated cost is higher than its actual cost, or when anticipated revenue is lower than actual revenue. A business manager will generally be pleased by just about ...

www.investopedia.com/terms/u/unfavorable-variance.asp

In finance, unfavorable variance refers to a difference between an actual experience and a budgeted experience in any financial category where the actual outcome is less favorable than the ...

www.accountingcoach.com/blog/what-is-a-favorable-variance

What is a favorable variance? Definition of a Variance. In accounting the term variance usually refers to the difference between an actual amount and a planned or budgeted amount. For example, if a company's budget for supplies expense is $30,000 and the actual amount is $28,000 or $34,000, there will be a variance of $2,000 or $4,000 respectively. . Similarly, if a company has budgeted its .....

definitions.uslegal.com/f/favorable-variance

Favorable Variance Law and Legal Definition. Favorable Variance is a variance created by using or spending less of a given resource than specified by the standard, often categorized as rate of efficiency, usage or price. However, in a standard costing system, some favorable variances are not indicators of efficiency in operations. ...

www.accountingtools.com/articles/what-does-a-favorable...

A favorable variance indicates that a business has either generated more revenue than expected or incurred fewer expenses than expected. For an expense, this is the excess amount of a standard or budgeted amount over the actual amount incurred. When revenue is involved, a favorable variance is

www.accountingtools.com/articles/what-is-an-unfavorable...

An unfavorable variance is encountered when an organization is comparing its actual results to a budget or standard. The variance can apply to either revenues or expenses, and is defined as:. Unfavorable revenue variance.When the amount of actual revenue is less than the standard or budgeted amount.

en.wikipedia.org/wiki/Variance

Variance has a central role in statistics, where some ideas that use it include descriptive statistics, statistical inference, hypothesis testing, goodness of fit, and Monte Carlo sampling. Variance is an important tool in the sciences, where statistical analysis of data is common.

bizfluent.com/info-10047964-difference-between-favorable...

Variances are either favorable or unfavorable. A favorable variance occurs when net income is higher than originally expected or budgeted. For example, when actual expenses are lower than projected expenses, the variance is favorable. Likewise, if actual revenues are higher than expected, the variance is favorable.