variance analysis

Question 1

favourable income

Answer 1

actual is bigger than budgeted

Question 2

adverse income

Answer 2

when actual is smaller than budgeted

Question 3

favourable expenditure

Answer 3

when actual expenditure is less than budgeted expenditure

Question 4

adverse expenditure

Answer 4

when actual expenditure is more than budgeted expenditure

Question 5

favourable profit variance

Answer 5

actual profit is bigger than budgeted profit

Question 6

adverse profit variance

Answer 6

when budgeted profit is bigger than actual profit

Question 7

formula for ALLLLLLL of these:

Answer 7

actual - budgeted