Comprehensive and Detailed Explanation From SAP S/4HANA Cloud Public Edition, Management Accounting documents:

Activating variance split in event-based accounting allows production variances to be categorized85.

Different G/L Accounts: Variances can be assigned to different accounts (e.g., price vs. quantity variance) via the "Define Accounts for Splitting Price Differences" customizing86.

Single G/L Account: Alternatively, the system can use a single G/L account by default, while the breakdown is managed in the sub-ledger (SLA) via line item types87.

Variances always post to a cost object (like a production order) and are not booked directly to profitability segments88.