Term
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Definition
| Prepared before the period begins and is valid only for the planned level of activity |
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Term
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Definition
| Estimate of what revenues and costs should have been, given the actual level of activity for the period |
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Term
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Definition
| Variances in the level of activity between planning budget from the beginning of the period and the actual level of activity |
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Term
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Definition
| Difference between what the revenue should have been, given the actual level of activity for the period, and the actual total revenue |
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Term
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Definition
| Difference between how much a cost should have been given the actual level of activity, and the actual amount of the cost |
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