Variances are the difference between actual results and budgeted results.Group startsTrue or FalseTrue, unselectedFalse, unselected

The statement "Variances are the difference between actual results and budgeted results" is True.

Variances in budgeting and finance represent the difference between what was actually achieved (actual results) and what was expected or planned (budgeted results). These variances can be positive or negative, signifying whether the actual results were better or worse than the budgeted figures. For instance, a positive variance indicates that revenues were higher than anticipated or expenses were lower, while a negative variance indicates the opposite. Monitoring these variances is crucial for effective financial management and decision-making processes within an organization.