Examlex
If the standard to produce a given amount of product is 2,000 units of direct materials at $12 and the actual was 1,600 units at $13, the direct materials quantity variance was $5,200 favorable.
Equity
Equity refers to fairness or justice in the way people are treated and involves ensuring equal opportunities and rights for all individuals.
Benefits Principle
A theory in taxation where taxes are apportioned according to the benefits received by taxpayers; those who benefit more from government services, pay more taxes.
Federal Government
The national government of a federal country, which holds the authority over matters that affect the country as a whole.
Horizontal Equity
The principle that individuals with similar incomes or circumstances should be taxed at the same rate.
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