Substantial Performance Occurs When There Has Been A(n)________ Breach of Contract

question 111

Multiple Choice

Substantial performance occurs when there has been a(n) ________ breach of contract.

• A) conditional
• B) major
• C) hypothetical
• D) anticipatory
• E) minor

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Definitions:

Variable Overhead Variances

The difference between the actual variable overhead incurred and the standard cost assigned to production, indicating efficiency or inefficiency.

Efficiency Variance

The difference between the actual input used in production and the standard input expected, calculated to assess performance.

Spending Variance

The difference between the actual amount spent and the budgeted amount for a given period, indicating over or under spending.

Unfavourable Variances

Differences between actual costs and standard or expected costs that negatively impact the financial performance of an organization.