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Home Accounting Dictionary Letter B Budget Variance Definition
 
 

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Budget Variance Definition:

Budget variance is a measure to quantify the difference between budgeted figures and actual figures. A budget variance may be favorable or unfavorable.

An unfavorable budget variance may be the result of controllable factors or uncontrollable factors. For example a poor planning in the preparation of budget is controllable factor and a natural disaster on the other hand is an uncontrollable factor.

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