PAY CYCLE Definition

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PAY CYCLE is a set of rules that defines the criteria by which scheduled payments are selected for payment creation, e.g., payroll may be on a weekly, bi-weekly, or monthly pay cycle.

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

STRANDED PLANT is a cost that has been incurred, but can not be reversed. Usually referred to as a sunk cost.

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