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Budget performance reports summarize: b. normal standards
What is budget performance report?
A budget performance report contrasts the performance of the actual budget with what was anticipated. It enables comparison between actual account transactions for a given time and budget numbers for related periods. All transactions entered in batches or journals that are submitted to the ledger, as well as documents that are updated to the ledger and point-of-sale invoices, will be included.
Your projected budget and actual statistics for a given financial quarter are compared in the Profit & Loss by Budget Performance Report. This makes it simple to determine which "budget items" performed better than anticipated and which did not live up to expectations.
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