The Difference Between Budgeted Amounts and an Entity's Actual Results

question 29

Multiple Choice

The difference between budgeted amounts and an entity's actual results is called a:

• A) control tool.
• B) budget error.
• C) variance.
• D) excess.

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Definitions:

Management Skills

A set of abilities and competencies that a person needs in order to successfully manage an organization, team, or project.

Best Choice

The option considered superior to all others in a given set, often based on criteria such as effectiveness, efficiency, and feasibility.

Creation

The act of bringing something into existence that did not exist before, whether it be an idea, a physical object, or a process.

Sum of Its Parts

A principle indicating that the whole entity or system's value or functionality is equal to the combination of its individual components or elements.