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If the standard to produce a given amount of product is 500 direct labor hours at $15 and the actual was 600 hours at $17, the rate variance was $1,200 favorable.
Share-based Payments
Transactions in which an entity acquires goods or services by offering its own equity instruments or incurring liabilities based on the price of its shares or other equity instruments.
Post-employment Benefits
Benefits, other than termination benefits, that are payable after completion of employment, typically after the employee retires; includes pensions, other retirement benefits, post-employment life insurance, and post-employment medical care.
Key Management Personnel
Individuals who have the authority and responsibility for planning, directing, and controlling the activities of an entity, typically at a senior level.
Joint Control
A situation in an arrangement where more than one party has control together, requiring unanimous consent for decision-making.
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