CORPORATION Definition

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CORPORATION is a type of business organization chartered by a state and given many of the legal rights as a separate entity.

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STANDARD COSTING is a control method involving the preparation of detailed cost and sales budgets. Such budgets are then compared with the actual results for a specific account period and any significant variances between the actual and the budgeted results are investigated. Unexpected trends are corrected if they are not acceptable or they cannot be accommodated.

UNITIZE is to separate or classify into units, e.g. auto manufacturers unitize along model designations.

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