The Rules of Rounding Are Completely Different for Decimals Compared

question 71

True/False

The rules of rounding are completely different for decimals compared to whole numbers.

Understand how external factors such as technology, the labor force, and legislation affect organizational strategies and HR practices.

Identify key factors that determine the availability of labor in the workforce.

Understand union objectives and the key issues they aim to resolve.

Define demographics and grasp its significance in HR planning and strategy.

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Definitions:

Variable Overhead Efficiency Variance

The difference between the actual level of activity (direct labor-hours, machine-hours, or some other base) and the standard activity allowed, multiplied by the variable part of the predetermined overhead rate.

Direct Labour Hours

The total hours worked by employees directly involved in producing goods or delivering services, used to allocate labor costs accurately.

Standard Hours Allowed

The time that should have been taken to complete the period’s output. It is computed by multiplying the actual number of units produced by the standard hours per unit.

Labour Rate Variance

The difference between the actual cost of labour per hour and the standard cost that was expected, multiplied by the total hours worked.