Variance Analysis in Budgeting by using Standard Costs

Before we begin with the topic for today, let us take a quick look at what a budget is. A budget is a quantitative expression of a plan of action prepared in advance of the period to which it relates. Budget may be departmental or functional, or even for the business as a whole. The process of preparing and agreeing budgets is a means of translating the overall objectives of the organization into detailed feasible plans of action. [Read more…] about Variance Analysis