Simplify

question 20

Short Answer

Simplify.

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Definitions:

Revenue Variance

The difference between actual revenue earned and the budgeted or expected revenue.

Spending Variances

The difference between the actual amount of money spent and the budgeted amount for various cost items.

Refurbishment

The process of cleaning, decorating, and providing new equipment or facilities to make a building or item look new again.

Flexible Budget

A budget that adjusts or varies with changes in volume or activity, allowing for more accurate budgeting in variable operating environments.