Explain How Favorable and Unfavorable Variances Impact Income

question 91

Essay

Explain how favorable and unfavorable variances impact income.

---

Definitions:

Tort

A wrongful act or an infringement of a right leading to civil legal liability.

Contract

An agreement between two or more parties that is binding by law and comes with mutual responsibilities.

Courts

are judicial institutions with the authority to adjudicate legal disputes between parties and carry out the administration of justice in civil, criminal, and administrative matters.

Covenant Not To Compete

An agreement, often in an employment contract, where one party agrees not to enter into or start a similar profession or trade in competition against another party.