Budget vs Actuals Budget - an estimate of revenues and expenses for an account for a fiscal year. Actuals - the actuals reflect how much revenue an account has actually generated or how much money an account has paid out in expenditures at a given point in time during a fiscal year. During the annual budget process prior to next fiscal year, your department submits a budget in FAMIS. Actuals definition, meaning, English dictionary, synonym, see also 'actual sin',your actual',actual bodily harm', Reverso dictionary, English definition, English.
'actual' You use actual to emphasize that the place, object, or person you are talking about is the real or genuine one. The predicted results and the actual results are very different. The interpretation bore no relation to the actual words spoken. Synonyms for actual include real, genuine, true, authentic, confirmed, verified, definite, existent, factual and attested. Find more similar words at wordhippo.com!
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Actuals
Actual
Mtd Actual Meaning
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Definition: Actual cost is an accounting term that means the amount of money that was paid to acquire a product or asset. It’s exactly what it sounds like—the actual cost. Idt others driver. This cost could be either a historical, past, or present day cost of product. You might be thinking to yourself what other costs are there besides the actual cost of an item.
Actuals Meaning In Finance
Actuals Meaning In Budget
What Does Actual Cost Mean?
Actuals Meaning In Tamil
Well keep in mind in managerial accounting, you also have budgeted and forecasted costs. Neither of these costs reflects reality or actual costs most of the time. Management might set a budget to buy a new piece of equipment, but this budget does not always happen. Sometimes companies can get discounts from vendors and other times product prices increase.
Example
Actual cost also applies to manufacturing products as well. The actual cost of manufacturing a product is the total expenditures required to build or manufacture the product. Think of actual cost as the end result of a manufacturing process.
First, a company starts planning the production and forecasts what the expenses will be. Second, the company budgets what it will be able to afford and adjusted to the production levels to meet the budget. If everything goes according to plan, the actual costs will equal the budgeted costs. In the real world, things can go wrong and budgets are not always met. The end result is the actual cost. It could be plus or minus the budgeted or forecasted cost.
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