What Is the Name of the Ancient System in South

question 303

Short Answer

What is the name of the ancient system in South Asia, and particularly India, that for many people still determines where they live, what they can eat and drink, and how they will make a living?

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Definitions:

Direct Labor-hours

The amount of labor hours that can be directly attributed to the production process, serving as a basis for allocating manufacturing overhead costs in some costing systems.

Variable Manufacturing Overhead Standards

Pre-set rates used to allocate variable overhead costs to individual units of production based on expected usage criteria, such as labor hours.

Variable Overhead Efficiency Variance

A measure in cost accounting showing the difference between the actual variable overhead incurred and the expected (or standard) variable overhead based on the actual hours worked.

Variable Overhead Standards

Predetermined rates used to control and budget for the variable portion of manufacturing overhead costs, adjusting with production volumes.