when an auditor reviews additions to the equipment (fixed asset) account to make sure that fixed assets are not overstated, she wants to obtain evidence as to management’s assertion regarding existence.
The goal of an independent auditor's financial "review" is to examine the nonprofit's financial statements and determine whether they are consistent with generally accepted accounting principles.
The goal of an independent auditor's financial "review" is to examine the nonprofit's financial statements and determine whether they are consistent with generally accepted accounting principles. The goal of an independent auditor's financial "review" is to examine the nonprofit's financial statements and determine whether they are consistent with generally accepted accounting principles. The goal of an independent auditor's financial "review" is to examine the nonprofit's financial statements and determine whether they are consistent with generally accepted accounting principles.
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these managers provide the glue that holds the organizations together. one of the most important things they do is to network throughout the organization.
Middle managers are the managers provide the glue that holds the organizations together.
What is the role of Middle managers?The responsibility for facilitating any necessary organizational changes and creating a productive workplace falls on middle managers. They keep an eye on daily activities, monitor performance, and make sure everything is done in accordance with the demands of the company.
In the middle of the management chain, a manager is someone who oversees and directs an organization rather than making managerial decisions. The level of management below the top level is known as middle management.
Thus, they are middle managers.
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if gavina gourmet coffee’s don francisco brand had a poor market introduction and lost significant money and the company then decided to put substantially more money into this brand, this would be an example of the . a framing bias b anchoring effect c sunk costs error d randomness bias e overconfidence bias
Option (c) sunk costs error is the correct answer.
The given situation would be an example of sunk costs error.
Sunk expense error: What is it?Spending that has already been made but cannot be recouped is known as sunk costs.Sunk expenditures are frequently ignored in businesses because they are seen to be unrelated to current and upcoming financial difficulties.On the other hand, relevant expenses are ones that will occur in the future but have not yet.A psychological impediment known as the sunk cost fallacy prevents people from finishing failed projects just because they invested money in them.Sunk costs are important since they could act as deterrents when making decisions. When a corporation compares costs and advantages, sunk expenses shouldn't be taken into account because they will still be incurred regardless of the choice.To know more about sunk costs visit:
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equipment with a sales price of $150,000 is purchased at a discount of 14% by aaron company. at what value should the equipment be recorded in aaron company's records?
Under the cost concept, the equipment should be recorded at the price paid for the asset:
$150,000 × 10% = $15,000;
$150,000 - $15,000 = $135,000
what's cost concept with example?
Allows take an instance of a business that purchases a constructing worth 200,000 in coins or bank. Inside the accounting facts, following the cost concept of accounting, the value of the constructing may be entered at its cost charge means 200000. After 4 years, the price of the constructing rises to 1000,000.
What's cost concept in accounting principle?
The cost concept is an accounting principle that facts property at their respective coins quantities on the time the asset changed into bought or acquired. The quantity of the asset this is recorded won't be multiplied for upgrades in marketplace price or inflation, nor can or not it's up to date to mirror any depreciation.
What are cost concept standards?
On the way to understand the overall cost concept, it is vital to realize the subsequent sorts of expenses: Accounting charges and economic costs. Outlay fees and opportunity costs. Direct/Traceable fees and oblique/Untraceable prices. Incremental expenses and Sunk prices.
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office supplies purchased by janer's cleaning service on account were returned. the office supplies had not yet been paid for. which of the following entries for janer's cleaning service journalizes this transaction?
The journal entry will be to debit the account payable account and credit the office supplies account.
When the office supplies enter the building or premises either they will be bought for cash or they would be bought on credit. In this case, Janer's cleaning service has got the office supplies on credit as it is specified that it is not yet paid for. So it is important to debit the accounts payable account in this case.
According to the golden rules of account, the products that are going out of the premises requires to be credited. In this case, the office supplies are going out of the premises so they require to be credited. When these office supplies would have entered the premises they would have been debited. so now the opposite entry requires to be passed.
When the office supplies would have entered the premises the account payable account would have been credited. As these were bought on credit and not in cash. so now when these office supplies are returned we are required to debit the office payable. This will lead to the cancellation of the journal entry made.
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an industry characterized by many firms, producing similar but differentiated products, in a market with easy entry and exit is called
Monopolistic competition is an industry that is categorized by many firms that produce similar but differentiated products and have easy entry and exit.
In this type of industry, there will be firms that offer competing products and services. These products and services may not be the exact substitute but they will be similar. The barriers to monopolistic competition firms are low. The decision taken by one firm does not affect the decision taken by the other firm.
The competing firms in this industry differentiate themselves based on marketing and pricing decisions. This type of competition exists between monopoly competition and perfect competition and combines some elements of both. Clothing, Hair salons, and Restaurants are examples of industries with monopolistic competition.
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.
Company x receives $10,000 from issuing 10,000 shares of $1 par value common stock to its owners. the effect on the accounting equation is ______.
Company X accepts $10,000 from issuing 10,000 shares of $1 par value common stock to its owners. The affect on the assets increase and stockholders' equity gains.
Does the common stock have a debit or credit balance?As an equity balance, a company's ordinary stock is credit. As noted, however, this account may also fall, which will make it a debit entry. However, these issues are rare. Usually, when a firm issues shares, it obtains funds in exchange.
When a firm issues common stock, this will raise a stockholder's equity because he or she is obtaining investments from owners.
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which of the following statements regarding intrinsic stock value maximization and social welfare is accurate? in general, unlawful actions taken to maximize intrinsic stock values actually benefit society. when direct stock ownership, mutual fund ownership, and indirect ownership through pension funds are considered, many members of society now have an important stake in the stock market. value maximization requires efficient, low-cost businesses that produce high-quality goods and services that consumers need and want at the highest possible cost. more than 64% of all u.s. households directly own mutual funds, either directly or as part of a tax-deferred retirement account. when a manager takes actions to minimize intrinsic value, this improves the quality of life for millions of ordinary citizens.
Many members of society today have a significant stake in the stock market, when direct stock ownership, mutual fund ownership, and indirect ownership through pension funds are all taken into account.
Maximizing value necessitates efficient, low-cost firms that produce high-quality goods and services that consumers demand and want at the lowest possible cost. Many members of society today have a significant stake in the stock market, when direct stock ownership, mutual fund ownership, and indirect ownership through pension funds are all taken into account.The intrinsic value of a company's stock is its actual worth or genuine value. It is computed by taking a company's assets, earnings, and dividend payouts into consideration.To determine the intrinsic stock value, Estimate a company's entire future cash flow. Determine the current value of each of the following future cash flows. Add the present values together to get the stock's intrinsic value.Thus this is the meaning of intrinsic stock value.
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Given that income is $300, the price of good y is $15, and the price of good x is $20, what is the vertical intercept of the budget line?
Given that income is $300, the price of good y is $15, and the price of good x is $20, the vertical intercept of the budget line is 20.
What is the budget line in meaning?All the combinations of goods and services that a consumer may buy at the current price range within the limits of his or her available income are represented by a budget constraint. The notions of a preference map and a budget restriction are used by consumer theory to investigate the criteria for customer decisions. The budget line is a graphical representation of every combination of the two commodities that may be purchased utilizing the given revenue and cost, with the price of each variety being similar to the client's financial earnings. The budget line displays all possible product pairings that a buyer, given his financial situation and the cost of the two commodities, could buy. The formula for a budget line is as follows: M=PX. QX+PY.Therefore the correct answer is C. 20
The complete question is:
Given that income is $300, the price of good Y is $15, and the price of good X is $20. What is the vertical intercept of the budget line?
A. 4,500
B. 300
C. 20
D. 15
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the marketing mix for marketing focuses on a specified group, while the marketing mix for marketing is used to generally appeal to everyone
The marketing mix for target marketing focuses on a specified group, while the marketing mix for Mass marketing is used to generally appeal to everyone.
More about marketing mix:
The marketing mix is the collection of tactical marketing instruments that may be controlled and used by a business to elicit a specific response from its target market.
It entails every action a business can take to affect consumer demand for its goods. It is also a tool for planning and carrying out marketing campaigns. The four Ps of marketing mix represent the crucial factors that must be carefully thought out and put into practise in order to properly advertise a good or service. Product, price, place, and promotion make up this list.
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wayman corporation reports the following amounts in its december 31, 2021, income statement. sales revenue $ 390,000 income tax expense $ 50,000 interest expense 20,000 cost of goods sold 130,000 salaries expense 40,000 advertising expense 30,000 utilities expense 50,000 required: prepare a multiple-step income statement.
An income statement, also known as a profit and loss account, is one of a company's financial accounts that details the company's revenues and expenses for a given time period. The method by which revenues are transformed into net income or net profit is described.
Following would be Income Statements.
Revenue from sales of $446000
Cost of goods sold was 138000.$308,000 in total profitCost of advertising: $48,000 in salary for 38,000 people.
Utility costs make for 58.000 of the overall operating costs.164,000 in operating incomeInterest expense: $28,000 (136,00 before taxes, 58,00 after taxes)
$78,000 in profit expenses78000 in net incomeTo Learn more about Income Statements, Click the links.
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the demand curve for a normal good will always slope downward because: a even though the substitution effect and the income effect move in opposite directions, the substitution effect dominates, and it always displays an inverse relation between price and quantity demanded. b the substitution effect and the income effect reinforce each other, and the income effect always displays an inverse relation between price and quantity demanded. c even though the substitution effect and the income effect move in opposite directions, the income effect dominates, and it always displays an inverse relation between price and quantity demanded. d the substitution effect and the income effect reinforce each other, and the substitution effect always displays an inverse relation between price and quantity demanded. e even though the substitution effect and the income effect move in opposite directions, the two effects cancel each other out.
So the option d (the substitution effect and the income effect reinforce each other, and the substitution effect always displays an inverse relation between price and quantity demanded) is the correct answer.
Substitution Effect
The substitution effect is one component of the effect of a change in the price of a good on the amount of that good requested by a consumer in economics, notably in consumer choice theory, the other being the income effect.
Demand curve
A demand curve is a graph in economics that depicts the relationship between the price of a commodities and the quantity of that commodities that is requested at that price. Demand curves can be used to model the price-quantity connection for a single consumer or for all consumers in a given market.
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True/false: symptoms of lead poisoning include memory problems, irritability, dementia and hallucinations.
This is true statement. Symptoms of lead poisoning include memory problems, irritability, dementia and hallucinations.
Publicity to high lead poisoning may additionally reason anemia, weak point, and kidney and mind harm. Very excessive lead publicity can motive loss of life. Lead can cross the placental barrier, which means pregnant women who're uncovered to guide also divulge their unborn baby. Lead can harm a growing baby's anxious machine.
The maximum severe neurological effect of lead exposure is lead encephalopathy, a response to very excessive doses of lead that effects in improvement of irritability, headache, intellectual dullness and attention difficulty, memory loss, tremor, and hallucinations inside weeks of exposure.
Signs and symptoms of lead poisoning encompass complications, belly cramps, constipation, muscle/joint ache, trouble sound asleep, fatigue, irritability, and loss of intercourse drive. Maximum adults with lead poisoning do not appearance or sense unwell.
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During which step of the customer value analysis are customers asked what attributes, benefits, and performance levels they look for in choosing a product and vendors?
The step in Customer Value Analysis where customers are asked about the attributes, benefits, and performance levels they look for is Identifying the major attributes and benefits customers value.
What is the Customer Value Analysis?
This is a process that is carried out by a company where they try to find out more on their customers and what makes them likely to purchase a good over another.
In the "Identifying the major attributes and benefits customers value" stage, the customers are surveyed and asked about the benefits and characteristics they look for when they pick a product.
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if you wanted to get a sense of the economic health of a nation as well as an indication of that country's standard of living, you would look to which economic indicator?
If you wanted to get a sense of the economic health of a nation as well as an indication of that country's standard of living, you would look to gross domestic product.
The total monetary or market worth of all the finished goods and services produced within a nation's boundaries during a certain time period is known as the gross domestic product (GDP). It serves as a thorough assessment of the state of the economy in a particular nation because it is a wide indicator of total domestic production. The total private and public consumption, government expenditures, investments, increases in private inventories, paid-in building expenses, and the foreign balance of trade are all included in the computation of a nation's GDP.
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In a ______ decision process, users, influencers, or deciders in the buying center want to change product specifications, price, delivery schedule, or suppliers.
In a modified rebuy decision process, users, influencers, or deciders in the buying centers want to change product specifications, price, delivery schedule, or suppliers.
A modified rebuying process refers to the process where a previously bought product is bought by another customer but with some specific modifications. This means that the entire similar product is not received by the new customer.
The new customer can change the style or version of the product. He can also try to negotiate the price and delivery dates of the product. The customer has the ability to even choose another supplier of the product. Since so many changes are possible, we are calling it 'modified' buying.
Modifying and customizing the product can give it a new feel and also increase its effectiveness.
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in the process of market segmentation, what step occurs after identifying product-related need sets?
In market segmentation the step that occurs after identifying product-related need sets is grouping customers with similar need sets.
Market segmentation is a marketing term that refers to grouping prospective buyers into groups or segments with similar needs and responses to marketing actions. Market segmentation allows businesses to target different types of consumers who perceive the full value of different products and services differently.
Market segmentation assists businesses in reducing risk by determining which products are most likely to capture a share of a target market and the best ways to market and deliver those products to the market.With risk reduced and clarity about the marketing and delivery of a product increased, a company can then focus its resources on the most profitable efforts.Market segmentation can also help a company expand its demographic reach and discover products or services that it had not previously considered.Learn more about market segmentation here:
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When companies embrace ________, they appeal not only to their shareholders but also to all of their key stakeholders. conscious marketing social media conscious advertising profit-sharing csr
When companies embrace conscious marketing, they appeal not only to their shareholders but also to all of their key stakeholders.
What is conscious marketing?Conscious marketing means that when a company engages in marketing, they do not only do so in order to target people such that they will make more profit.
They also include considerations of how their marketing will affect key stakeholders in the company from the community.
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A tobacco company taking a reactive stance to the claims that smoking causes cancer would:______.
A tobacco organization taking a reactive stance to the claims that smoking causes most cancers might: prevent promoting cigarettes as they're harmful to your health and cigarette smoking increases the danger of lung most cancers that's speculation.
Cancer is a disorder in which a number of the body's cells grow uncontrollably and unfold to different elements of the body. In Greek, these phrases check with a crab, maximum probable applied to the disease because the finger-like spreading projections from most cancers referred to as to mind the form of a crab. The Roman physician, Celsus (25 BC - 50 advert), later translated the Greek term into cancer, the Latin phrase for crab.
Cancer cells have gene mutations that turn the cellular from a regular cell into a cancer mobile. these gene mutations can be inherited, expand over the years as we become old and genes put on out, or develop if we are around something that damages our genes, like cigarette smoke, alcohol or ultraviolet (UV) radiation from the solar.
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red river painting company incurs the following transactions for september. 1. september 3 paint houses in the current month for $13,000 on account. 2. september 8 purchase painting equipment for $14,000 cash. 3. september 12 purchase office supplies on account for $2,100. 4. september 15 pay employee salaries of $2,800 for the current month. 5. september 19 purchase advertising to appear in the current month for $1,100 cash. 6. september 22 pay office rent of $4,000 for the current month. 7. september 26 receive $8,000 from customers in (1) above. 8. september 30 receive cash of $4,600 in advance from a customer who plans to have his house painted in the following month.
Red River Painting Company's journal entries are as follows.
Sep 3
DR Accounts Receivable $13,000
CR Revenue $13,000
What is journal entry?Journal entries are the entries that are posted by the finance department in an organization, these journal entries impact the accounts of organization and record the two sided effect of a transaction and that is why the journal entries are also known as the double entry. This is then posted to T-accounts.
Sep 8
DR Painting equipment $14,000
CR Cash $14,000
Sep 12
DR Office Supplies $2,100
CR Notes Payable $2,100
Sep 15
DR Salaries expense $2,800
CR Cash $2,800
Sep 19
DR Advertisement expense $1,100
CR Cash $1,100
Sep 22
DR Rent expense $4,000
CR Cash $4,000
Sep 26
DR Cash $8,000
CR Accounts Receivable $8,000
Sep 30
DR Cash $4,600
CR Unearned Income $4,600
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On november 21, civic company received $550 from customers in payment of their accounts. the journal entry to record this transaction will include a credit to?
On November 21, the civic company received $550 from customers in payment of their accounts. the journal entry to record this transaction will include a credit to accounts receivable.
Describe a journal post.In accounting records, a journal entry is used to record a business transaction. Although it is more frequently done so in the main ledger, a journal entry can also be done in a subsidiary ledger and then rolled forward into the general ledger once it has been summarized. The general ledger is then used to create the company's financial statements.
The idea of a journal entry states that every business transaction should be recorded in at least two places (known as double entry accounting). For instance, when you make a cash sale, both the income account and the cash account increase. If you make purchases using credit, your inventory and accounts payable will both increase.
As a result, journal entries are important components of the accounting system.
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The most appropriate action for an is auditor to take when shared user accounts are discovered is to?
The most appropriate action for an is auditor to take when shared user accounts are discovered is to: document the finding and explain the risk of using shared IDs.
Who is an auditor?An auditor can be defined as someone whose roles and responsibilities is to audit and detect error in a financial statement.
An IS auditor's duty is to check, detect and document findings and to as well explain the risk of using shared IDs or to explain the reasoning behind the findings.
Therefore The most appropriate action for an is auditor to take when shared user accounts are discovered is to: document the finding and explain the risk of using shared IDs.
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A new loan in the amount of $73,550 is being originated. what is the amount of the state intangible tax on the mortgage?
A new loan in the amount of $73,550 is being originated. $147.10 is the amount of the state intangible tax on the mortgage.
A mortgage is the lending of money with the aid of one or more people, organizations, or other entities to other individuals, corporations and many others. The recipient incurs a debt and is typically liable to pay hobby on that debt until it is repaid in addition to to repay the fundamental quantity borrowed.
A loan is a shape of debt incurred via an individual or different entity. The lender—generally a organization, financial institution, or government—advances a sum of money to the borrower. In return, the borrower agrees to a certain set of phrases which includes any finance expenses, hobby, reimbursement date, and different situations.
A loan is money borrowed from a financial institution or economic organization.
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Within an organization what type of network is formed more for personal than for professional motives and may not have much to do with the goals of their agency?
Within an organization, kinship networks are sometimes developed for more personal than professional reasons, and they may not have anything to do with the objectives of their company.
Kinship, however its exact definitions are sometimes contested even within the field of anthropology, is the web of social interactions that plays a significant role in every human's life in every society. The study of kinship, according to anthropologist Robin Fox, is the study of what humans do with these fundamental aspects of existence, such as mating, gestation, parenthood, socialization, siblingship, etc.
He contends that what makes human society distinct is that we are "working with the same raw material as exists in the animal world, but [we] can conceptualize and categorize. Its social purposes, which include forming essential economic, political, and religious groupings, as well as the socialization of young people, are served by this.
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carlos, inc. requires a minimum rate of return of 10% on its average operating assets. the housewares department currently has average operating assets of $200,000 and a net operating income of $24,000. the department's residual income is $
The department's residual income is $ $4000
rationale:240000
Residual income: According to managerial accounting, a company's residual income is the amount of operating profit left over after covering all capital expenses incurred to produce revenues. The amount of profit beyond the required rate of return, commonly known as the company's net operating income, is also taken into account.
Residual income: A company's residual income is the amount of operating profit left over after covering all capital expenses incurred to generate revenues, according to managerial accounting. The amount of profit above the required rate of return, known as the company's net operating income, is also considered. The money that continues to flow after an initial investment of time and resources has been completed is referred to as residual income. Artist royalties, rental income, interest income, and dividend payments are all examples of residual income.
The term "residual income" is also used in the following contexts:
In personal finance, residual income can refer to an individual's discretionary income or the total amount of money left over after all personal debts and obligations have been paid.
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The price of a dozen eggs rises from $3 to $4. 70. In response to this price change, quantity supplied increases from 100,000 dozen eggs to 127,000 dozen eggs. What is the approximate price elasticity of supply for eggs?.
A dozen eggs now cost $4.70 instead of $3. The quantity delivered rises from 100,000 to 127,000 dozen eggs in response to this pricing hike. The supply elasticity of price for eggs is approximately 0.48
Quantitative properties include things like mass, time, distance, heat, and angles. Among the fundamental categories of things are quality, substance, change, and relation. Among the fundamental categories of things are quality, substance, change, and relation. Some quantities act as states of things like heavy and light, long and short, broad and narrow, tiny and big, or much and little, while others serve as properties, dimensions, or attributes of those objects. a rise in prices for products or services expressed as a percentage. A 10% price rise denotes a 10% cost increase for that specific product. Likewise known as a price hike.
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The question was incomplete. Check below the full question
The price of a dozen eggs rises from $3 to $4. 70. In response to this price change, quantity supplied increases from 100,000 dozen eggs to 127,000 dozen eggs. What is the approximate price elasticity of supply for eggs?.
a. 1.86
b. 3.52
c. 0.48
d. 2.5
The supply of eggs has an approximate price elasticity of 0.48.
The degree to which supply is responsive to a change in price can be measured as price elasticity of supply.
The formula: gives a commodity's price elasticity.
(% Change in Supply Amount) / (% Change in the Commodity's Price)
Considering the values mentioned in the query:
Supply Quantity Change as a Percentage = [(127000-100000)/100000]100
=>0.27×100
=>27 %
Currently, [($4.70-$3/$3]% Change in Price of Commodity
×100
=>0.56×100
=>56 %
Price elasticity of supply is now equal to 27/56 = 0.48.
As a result, the price elasticity of the egg supply is 0.48.
ace electronics sold $5,000 of goods to customers of which $3,000 has been collected. using accrual accounting, ace electronics should report revenues of .
$5,000 in revenue should be reported by Ace Electronic.
Tell us about the revenue.Revenue is the sum of money that a business receives in return for its products and services, or, in the other direction, the price that a client pays for a business's products or services. On the first line of the income statement, a company's revenue is typically reported as revenue, sales, net sales, or net revenue.Companies focus more on this one line item than any other, excluding the bottom line (net income). The biggest element affecting how their firm is performing is that. It plainly identifies how much money a business is making from the sale of its goods.To know more about revenue visit:
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a team of developers and customers are in close communication, with frequent communications, simplicity, feedback and courage. this would best describe:
A team of developers and customers are in close communication, with frequent communications, simplicity, feedback and courage. this would best describe the Extreme Programming methodology. Extreme programming (XP) is a software development process that aims to increase product quality and responsiveness to changing customer needs.
It encourages frequent releases in short development cycles as a sort of agile software developers, with the goal of increasing productivity and introducing checkpoints at which new customer needs can be incorporated. Deferring programming features until they are actually needed, a flat management structure, code simplicity and clarity, anticipating changes in the customer's requirements as time passes and the problem becomes better understood.
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A normal population has a mean of $75 and standard deviation of $5. you select random samples of?
A normal population has a mean of $75 and a standard deviation of $5. you select random samples of the whole number of people living in a country, city, or area a group of people or animals living in a certain place the deer population.
Here, μ = 75, σ = 0.7906, x1 = 74 and x2 = 76. We need to compute P(74<= X <= 76). The corresponding z-value is calculated using Central Limit Theorem
z = (x - μ)/σ
z1 = (74 - 75)/0.7906 = -1.26
z2 = (76 - 75)/0.7906 = 1.26
Therefore, we get
P(74 <= X <= 76) = P((76 - 75)/0.7906) <= z <= (76 - 75)/0.7906)
= P(-1.26 <= z <= 1.26) = P(z <= 1.26) - P(z <= -1.26)
= 0.8962 - 0.1038
= 0.7924
A standard deviation (or σ) is a measure of how dispersed the data is in relation to the mean. Low standard deviation means data are clustered around the mean, and high standard deviation indicates data are more spread out.
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Franklin corporation is expected to pay a dividend of $1.25 per share at the end of the year (d1 = $1.25). the stock sells for $56.00 per share, and its required rate of return is 10.5%. the dividend is expected to grow at some constant rate, g, forever. what is the equilibrium expected growth rate?
The equilibrium expected growth rate is 8.2%.
What is the equilibrium expected growth rate?The equilibrium expected growth rate can be determined using the constant Gordon growth model.
The Gordon growth model postulates that the value of a stock is a function of its growth rate, its dividend and the required rate of return
Value of a stock = dividend / (required rate of return - growth rate)
Growth rate = required rate of return - (dividend / value of the stock)
10.5% - (1.25 / 56)
0.105 - 0.02232 = 0.0827 = 8.2%
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From the perspective of managing a budget, what term is used to describe the difference between the amount of money that was budgeted and the actual amount of money spent?.
From the perspective of managing a budget, a budget variance is the term is used to describe the difference between the amount of money that was budgeted and the actual amount of money spent.
What is a budget?
This refers to the estimation of revenue and expenses over a specified future period of time that is usually compiled and re-evaluated on a periodic basis. It could be made for a person, group, business, government etc that makes and spends money.
Under a budget, the budget variance means the difference between the budgeted amount of expense or revenue and the actual amount. It is favorable when the actual revenue is higher than the budget or when the actual expense is less than the budget.
Therefore, as from the perspective of managing a budget, the budget variance is the term is used to describe the difference between the amount of money that was budgeted and the actual amount of money spent.
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