ABATEMENT Definition

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ABATEMENT, in general, is the reduction or lessening. In law, it is the termination or suspension of a lawsuit. For example, an abatement of taxes is a tax decrease or rebate.

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OBJECT COST is the total cost of producing an item: direct cost (labor & material) + overhead cost = Total Object Cost.

PRIME COST is equal to the sum of DIRECT MATERIAL plus DIRECT LABOR.

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