Question: 1. A variance is the difference between a budgeted, planned, orstandard cost and the actual amount incurred/sold. Variances can becomputed for both costs and revenues.

1. A variance is the difference between a budgeted, planned, orstandard cost and the actual amount incurred/sold. Variances can becomputed for both costs and revenues. Identify and explain thetypes 1 answer

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