Once a Corporation Is Recognized as Existing by the State,the

question 77

True/False

Once a corporation is recognized as existing by the state,the corporation automatically becomes liable for all contracts which a promoter had entered into on behalf of the corporation.

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Definitions:

Variable Overhead Efficiency Variance

A measure used in managerial accounting to assess the efficiency of variable overhead resource utilization, comparing the actual costs incurred to what should have been incurred at a given level of production.

Unfavorable

A term used to describe outcomes or variances that are negative for a business, such as lower sales or higher costs than expected.

Favorable

A term denoting a financial result that is better than expected or budgeted.

Standard Cost Card

A standard cost card details the expected costs of materials, labor, and overhead associated with producing a product.