Standard predetermined overhead rate is an overhead rate determined by dividing budgeted overhead costs by an expected standard activity index.
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- Notes payable
Companies record obligations in the form of written promissory notes, called notes payable. Notes payable are often used instead of accounts payable because...
- Budgeted income statement
Budgeted income statement refers to an estimate of the expected profitability of operations for the budget period.
Depreciation is the process of allocating to expense the cost of a plant asset over its useful (service) life in a rational and systematic manner. It is a process of cost allocation...
- Accounts receivable
Accounts receivable are amounts owed by customers on account. They result from the sale of goods and services. Companies generally expect...
- Stockholders’ equity
Stockholders’ equity is the ownership claim of shareholders on total assets. It is to a corporation what owner’s equity is to a proprietorship.
A worksheet is a multiple-column form that companies use in the adjustment process and in preparing financial statements. As its name suggests, the worksheet is a working tool.
- Other revenues and gains
A non operating activities section of the income statement that shows revenues from auxiliary operations and gains unrelated to the company operations.