Crummey Powers Give One or More Trust Beneficiaries the Right

question 29

True/False

Crummey powers give one or more trust beneficiaries the right to withdraw each year money that is contributed to the trust.

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Definitions:

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.

Direct Labor-hours

The cumulative hours spent by workers who are primarily engaged in creating products or providing services.