What Is Characteristic of a Performance Report

question 132

Multiple Choice

What is characteristic of a performance report?

• A) It uses static budgets.
• B) It does not include variances.
• C) It usually uses flexible budgets.
• D) It compares actual costs with budgeted costs.

---

Definitions:

Implied Warranty

An unwritten guarantee that the product or service sold is fit for the purpose intended and meets the buyer's expectations.

Fitness For A Particular Purpose

A guarantee that a product will meet the specific requirements or needs of the buyer, as acknowledged by the seller.

Seller Or Lessor

The party in a transaction who is selling or leasing a good, service, or property to another party, known as the buyer or lessee.

Breach

The act of breaking or failing to observe a law, agreement, or code of conduct.