An Expense Variance Occurs When the Actual Amount of Expenditure

question 11

True/False

An expense variance occurs when the actual amount of expenditure is higher than the budgeted amount (or vice versa).

---

Definitions:

Joint Tenants

Co-owners of property who have equal shares and rights in the property, with a right of survivorship.

Right Of Survivorship

A legal concept where property automatically transfers to the surviving co-owner(s) upon the death of another co-owner.

Civil Suit

A legal proceeding in which one party seeks to hold another party liable for a wrong done, usually resolved with compensation rather than criminal sanctions.

Uniform Simultaneous Death Act

A legal statute used to determine inheritance when two or more people die at the same time or under circumstances where the order of death is unclear.