If Your Insurance Company Makes a Payment to You,subrogation Is

question 163

True/False

If your insurance company makes a payment to you,subrogation is the right of the company to collect from the person causing the accident or from his/her insurance company.

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Definitions:

Variable Overhead

Costs that vary in direct proportion to changes in the operational activity of a business, such as utility bills or raw material costs.

Budgeted Production

represents the amount of production planned for a future period as part of the budgeting process.

Standard Cost System

An accounting system that uses standard costs for cost control and decision making.

Materials Price Variance

The difference between the actual cost of materials and the expected cost at standard prices.