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Spending Variance
The difference between the actual amount spent and the budgeted amount for a given period, indicating over or under spending.
Unfavourable Variances
Differences between actual costs and standard or expected costs that negatively impact the financial performance of an organization.
Favourable Variances
Differences between actual and budgeted financial performance that are beneficial to the company, such as lower expenses or higher revenues than planned.
Accounting Recording System
An Accounting Recording System is a structured process for capturing, recording, and summarizing financial transactions, facilitating accurate financial reporting and analysis.
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