Standard predetermined overhead rate is an overhead rate determined by dividing budgeted overhead costs by an expected standard activity index.
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The term ‘Capital reserve’ has not been defined by the Companies Act except negatively in the Part III of schedule VI as “a reserve which
- Promissory note
A promissory note is a written promise to pay a specified amount of money on demand or at a definite time. Notes receivable give the payee a stronger legal claim...
- Specific identification method
Specific identification method refers to an actual physical flow costing method in which items still in inventory are specifically coasted to arrive at the total cost of the ending inventory.
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A cost center refers to a responsibility center that incurs costs (and expenses) but does not directly generate revenues. Managers of cost centers...
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An essential accounting record in assigning costs to jobs is a job cost sheet. A job cost sheet is a form used to record the costs chargeable to a specific job and to determine...
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