Favorable Variances Are Recorded with a Credit to the Appropriate

question 66

True/False

Favorable variances are recorded with a credit to the appropriate variance account.

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Definitions:

Donee Beneficiary

A third party beneficiary to a contract who receives a benefit from the contract as a gift.

Promisor

The person or party in a contract who has made a promise to perform or refrain from performing a certain act.

Prohibiting Assignment

Prohibiting Assignment involves clauses in contracts that restrict or prevent a party from transferring their rights or obligations to another party.

Valid Assignment

is the effective transfer of rights or obligations that meets all legal requirements, ensuring enforceability.