A variance can best be described as:
A) benchmarks common to other firms in the same industry.
B) differences between planned results and actual results.
C) useful for performance evaluations but not making decisions.
D) generally accepted accounting principles when standards are useD.
Variances are internal to a company and are useful for decision making as well as performance evaluation.The statement is a basic explanation of a variance.

Question

Quizplus · Accepted Answer

A variance is a difference between planned results and actual results. It is a useful tool for decision making and performance evaluation within a company. The other options are not accurate descriptions of a variance.

A Variance Can Best Be Described As