Distinguish among a budget, a performance report, and a variance. A. A budget measures the differences between a performance report and a variance; a performance report compares actual results with the budget; and a variance is a quantitative expression of a plan of action. B. A budget compares actual results with the performance report; a performance report is a quantitative expression of a plan of action; and a variance measures the differences between budget and actual. C. A budget is a quantitative expression of a plan of action; a performance report compares actual results with the budget; and a variance measures the differences between budget and actual. D. A budget compares the performance report with variances; a performance report measures the differences between budget and actual; and a variance is a quantitative expression of a plan of action.

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17-09-2019
Business

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Distinguish among a budget, a performance report, and a variance. A. A budget measures the differences between a performance report and a variance; a performance report compares actual results with the budget; and a variance is a quantitative expression of a plan of action. B. A budget compares actual results with the performance report; a performance report is a quantitative expression of a plan of action; and a variance measures the differences between budget and actual. C. A budget is a quantitative expression of a plan of action; a performance report compares actual results with the budget; and a variance measures the differences between budget and actual. D. A budget compares the performance report with variances; a performance report measures the differences between budget and actual; and a variance is a quantitative expression of a plan of action.

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stokholm stokholm · Answer 1 · 2019-09-23T08:05:48+02:00

Answer:

C. A budget is a quantitative expression of a plan of action; a performance report compares actual results with the budget; and a variance measures the differences between budget and actual.

Explanation:

Budget is the initial step of any cost project, as this is the planned expenditure in details, for the upcoming period.

Performance report is the report prepared after actual costs and revenues are expense and earn respectively. This report compares the budgeted actions with the actual performance.

Variance is the unit of difference in budgeted and actual performance, only with the help of variance it is calculated as to what is the exact difference between the planned and actual performance.

Therefore, Statement C is correct.