Question: Discussion Questions: 1. Define variance 2. Define the terms static budget and flexible budget 3. Distinguish between the planned volume of activity and the actual

Discussion Questions:

1. Define “variance”

2. Define the terms static budget and flexible budget

3. Distinguish between the planned volume of activity and the actual volume of activity

4. Actual result

5. Distinguish between the planned volume of activity and the actual volume of activity

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