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TOLEDO CITY SCHOOL DISTRICT LUCAS COUNTY SINGLE AUDIT FOR THE YEAR ENDED JUNE 30, 2000, TOLEDO CITY SCHOOL DISTRICT LUCAS COUNTY TABLE OF CONTENTS TITLE PAGE Schedule of Federal Awards Expenditures.

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How to fill out schedule of variances

How to fill out schedule of variances:

01

Identify the project activities: List down all the activities or tasks that are part of the project.

02

Determine the planned values: For each activity, determine the planned values such as planned start date, planned duration, and planned cost.

03

Measure the actual values: Track the progress of each activity and record the actual start date, actual duration, and actual cost.

04

Calculate the variances: Calculate the variances between the planned values and the actual values for each activity. This includes calculating the schedule variance, cost variance, and time variance.

05

Analyze the variances: Assess the significance of the variances and determine whether they are favorable or unfavorable. This analysis helps identify any deviations from the original plan.

06

Record the findings: Document the calculated variances and the analysis in the schedule of variances. This could be in the form of a spreadsheet or a report.

07

Communicate the results: Share the schedule of variances with the project stakeholders, including the project manager, team members, and relevant decision-makers. This helps in understanding the project's performance.

Who needs schedule of variances:

01

Project managers: Project managers need the schedule of variances to assess the performance of the project and identify any issues or deviations from the planned schedule and cost.

02

Project team members: Team members can use the schedule of variances to understand the progress of their tasks and make adjustments if necessary.

03

Stakeholders: Stakeholders, such as clients or higher management, rely on the schedule of variances to evaluate the project's progress, performance, and financial aspects.

04

Decision-makers: The schedule of variances helps decision-makers identify any areas of concern that may require immediate action or changes in the project plan.

05

Auditors: Auditors may utilize the schedule of variances to ensure that project funds are being utilized effectively and that the project is adhering to the budget and schedule.

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What is schedule of variances?

Schedule of variances is a document that identifies and explains the differences between planned and actual results in a project or financial statement.

Who is required to file schedule of variances?

The individuals or organizations responsible for managing a project or preparing financial statements are usually required to file schedule of variances.

How to fill out schedule of variances?

To fill out a schedule of variances, you need to compare the planned values or expectations with the actual values, and then provide an explanation for the differences.

What is the purpose of schedule of variances?

The purpose of schedule of variances is to analyze and provide insights into the reasons behind the discrepancies between planned and actual results, helping to improve future planning and decision-making.

What information must be reported on schedule of variances?

The information that must be reported on a schedule of variances includes the planned values, actual values, the variance amounts, and explanations for each variance.

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