When Creating a Code of Ethics from Scratch,the Institute of Business

question 11

True/False

When creating a code of ethics from scratch,the Institute of Business Ethics suggests that an organization first find a champion to be the driving force behind the project.

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Definitions:

Variable Overhead Efficiency Variance

The difference between the actual variable overhead incurred and the expected variable overhead based on standard costs for the actual production achieved.

Actual Direct Labour Rate

The actual cost per hour paid to workers for their labor.

Standard Labour Rate

The predetermined cost per hour of labor, used in budgeting and costing to estimate the labor costs associated with a product.

Labour Efficiency Variance

Labour efficiency variance is the difference between the actual labor hours used and the standard labor hours expected for the output level achieved, reflecting labor efficiency.