In Order to Travel Extensively and Not Worry About Handling

question 41

Multiple Choice

In order to travel extensively and not worry about handling her affairs,Lee transfers most of her assets into a trust,with her bank serving as trustee.She has created a(n)  ________ trust.

• A)travel 
• B)testamentary 
• C)constructive 
• D)inter vivos 

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Definitions:

Variable Overhead Rate Variance

The difference between the actual variable overhead costs incurred and the standard cost allocated, indicating inefficiencies or cost control issues.

Favorable

A term used in accounting to describe a situation where actual costs are less than the budgeted or standard costs.

Unfavorable

A term used in variance analysis to describe a variance that leads to a decrease in profit compared to budgeted or standard costs.

Fixed Manufacturing Overhead

The portion of total manufacturing overhead costs that does not vary with the level of production or output.