Examlex
Fill in the correct labels for the following figure using the word bank below.
-G __________
Direct Labour Efficiency Variance
The difference between the expected amount of labor hours needed to produce a given level of output and the actual labor hours used.
Favourable Variances
Differences between actual costs and budgeted costs that result in a better-than-expected financial performance, often indicating cost savings or higher revenues.
Large Variances
Significant differences between planned and actual figures in a budget, project, or any performance measurement, indicating greater deviations from expectations.
Consistent Trends
Patterns or changes in data that continue over a period of time in a similar manner.
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