Examlex
What is involved with critical analysis?
Fixed Budget
A budget that remains unchanged over the budget period regardless of changes in the level of activity.
Variances
Variances refer to the differences between planned, budgeted, or standard costs and the actual costs incurred, indicating deviations in financial and operational performance.
Closing
The process of finalizing accounts at the end of an accounting period by transferring balances to permanent accounts.
Cost of Goods Sold
The direct costs attributable to the production of goods sold by a company, including materials and labor.
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