PEV- Variances

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lucy1988
lucy1988 Registered Posts: 74 Regular contributor ⭐
in AAT Level 4 (Level 8 in Scotland)
HI,

Does anyone know an easy way to remember the different Variances?

Thanks

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  • dobbieobby
    dobbieobby Registered Posts: 231 Dedicated contributor 🦉
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    If they did they'd be a millionaire.... :lol:
  • taskey
    taskey Registered Posts: 1,800 Beyond epic contributor 🧙‍♂️
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    practise, practise, practise
  • princess
    princess Registered Posts: 80 Regular contributor ⭐
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    Capacity - cows are beefy
    Capacity = actual by budgeted

    Volume - vera eats stale bread
    Volume = standard by budgeted

    Efficiency - elephants squash ants
    Efficiency = standard by actual

    This might help!
  • lucy1988
    lucy1988 Registered Posts: 74 Regular contributor ⭐
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    Thanks
  • mark130273
    mark130273 Registered Posts: 4,234 Beyond epic contributor 🧙‍♂️
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    princess wrote: »
    Capacity - cows are beefy
    Capacity = actual by budgeted

    Volume - vera eats stale bread
    Volume = standard by budgeted

    Efficiency - elephants squash ants
    Efficiency = standard by actual

    This might help!

    think its even harder to remeber those quotes???
  • Sonny_L
    Sonny_L Registered Posts: 201 Dedicated contributor 🦉
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    I think the best way is to study the text that accompanies the formulai in your book until you fully understand the point of them. Which probably won't take any longer than drilling it into your memory parrot style.

    Also you will be asked to explain variances in the exam.

    Never seen a good acronym for these ones.
  • Diannew
    Diannew Registered Posts: 2,814 Beyond epic contributor 🧙‍♂️
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    Sonny_L wrote: »
    I think the best way is to study the text that accompanies the formulai in your book until you fully understand the point of them. Which probably won't take any longer than drilling it into your memory parrot style.

    Also you will be asked to explain variances in the exam.

    Never seen a good acronym for these ones.

    This is good advice...you do need to understand what affect the variances have on the business.....because you do need to explain this in the exams.


    I found the diagrams of this section in the Osbourne books very good and constantly revised the diagram and the meanings of the different variances...it's the only way.


    Good Luck

    Di

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