Under the U

question 236

True/False

Under the U.S.patent system, a patent application must provide evidence that the invention works and that is based on another invention.

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Definitions:

Labor Efficiency Variance

The variance between the number of hours actually worked and the anticipated standard hours, times the normal rate per hour.

Labor Rate Variance

A metric used to measure the difference between the actual rate paid to workers and the expected (or standard) rate.

Direct Labor

The labor cost attributed directly to the production of goods or services.

Standard Cost

A predetermined cost of manufacturing a single unit or a number of units of a product, calculated for managerial accounting purposes.