The Difference Between the Planned and the Actual Budget Best

question 27

Multiple Choice

The difference between the planned and the actual budget best defines

• A)trend.
• B)variance.
• C)average.
• D)mode.

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Definitions:

Ending Supplies

The value of supplies on hand at the end of an accounting period, prior to restocking or inventory adjustments.

Net Loss

The amount by which total expenses exceed total revenues for a business over a specific period, indicating a financial loss.

Unadjusted Trial Balance

A list of all accounts and their balances at a particular date before any adjusting entries are made, used to check the accuracy of debits and credits.