If the Variance Between the Standard and the Actual Result

question 9

True/False

If the variance between the standard and the actual result is in the organization's favor, managers do not need to do anything.

---

Definitions:

Authorized Transaction

A financial operation that has been approved or permitted by the relevant authorities or parties involved.

Estoppel

A legal principle that prevents someone from arguing something contrary to a claim they have previously made or accepted by their actions.

Apparent Authority

A situation where a reasonably prudent person would understand that an agent had the authority to act, even if the agent didn't have actual authority.

Purported Principal

An entity or individual represented as having granted authority to another, whether or not such authority actually exists.