STATUTE Definition

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STATUTE is an act passed by a legislative body, e.g. U.S. Congress.

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PENSION FUND is a fund reserved to pay workers pensions when they retire from service. Also known as SUPERANNUATION FUND.

INDIRECT COST is that portion of cost that is indirectly expended in providing a product or service for sale (cannot be traced to a given cost object in an economically feasible manner) and is included in the calculation of COST OF GOODS SOLD, e.g. rent, utilities, equipment maintenance, etc. Opposite of direct cost.

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