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Variances are the difference between the amounts budgeted and the amounts actually incurred
Variance Analysis is the basis of any performance evaluation system using a budget .
Variances are the difference between the amounts budgeted and the amounts actually incurred .
standard costs are budgeted costs established to improve productivity and efficiency and these standard costs can be compared to Par in golf course , so actual costs of entities which show the actual performance of these entities compared to a standard or budgeted costs for the same industry , so Variance analysis is useful for making comparisons between entities performances in the same industry
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