How does one calculate budget variance?

Answer

In budgeting, variance is the difference between a budgeted, planned or standard amount and the actual amount incurred or sold. Variance can be calculated for both costs and revenues. Variances are divided according to their effect or nature of the underlying amounts.
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1 Additional Answer
A budget variance is the difference between a budgeted, planned or standard amount and the actual amount used. Usually occurring in revenues and expenses, the planning tool is vital in helping the business or person to plan for the future by knowing how wide the variance is expected to be.
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In budgeting a variance is the difference between a budgeted or standard amount and the actual amount incurred/sold. Higher revenues cause a favorable variance ...
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