Examlex
Property is included in the gross estate at the value a willing buyer would pay a willing seller, neither being under any compulsion to buy or to sell, and both having reasonable knowledge of the relevant facts.
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.
Budget Variance
The difference between budgeted and actual figures for revenues or costs, indicating the degree of control over business operations.
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