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Variances are deviations from planned results. A budget is a qualitative expression of a plan of action. Evaluating operations by comparing actual results to bud-
Variances are deviations from planned results. A budget is a qualitative expression of a plan of action. Evaluating operations by comparing actual results to bud- geted results is a part of the controlling responsibility of management. Direct costs for one cost object will always be direct costs for any cost object. The purpose of managerial accounting is to gather, sum- marize, and report the cost and revenue data relevant to each decision that is made. Directing means setting goals and objectives for the com- pany and determining how to achieve them
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