Examlex
A distribution from the other adjustment account (OAA) is not taxable to an S shareholder.
Standard Labor Rate
The predetermined hourly wage rate used in cost accounting to calculate labor costs.
Standard Hours Allowed
The number of hours that should have been worked for the actual production achieved, based on pre-established standards.
Standard Costing System
A cost accounting method that assigns a fixed cost to inventory and measures variances against actual production costs to manage business expenses.
Labor Efficiency Variance
The difference between the actual hours worked and the standard hours expected, multiplied by the standard labor rate, indicating efficiency in labor usage.
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