Motivated by problems in the spectral theory of linear operators, we previously introduced a new concept of variation for functions defined on a non-empty compact subset of the plane. In this paper, we examine the algebras of functions of bounded variation one obtains from these new definitions for the case where the underlying compact set is either a rectangle or the unit circle, and compare these algebras with those previously used by Berkson and Gillespie in their theories of AC-operators and trigonometrically well-bounded operators.