____________________ Transactions-The Sale of Products or Services-Can Take Place Between

question 2

Short Answer

____________________ transactions-the sale of products or services-can take place between businesses or between a business and a consumer.

---

Definitions:

Direct Labor Hours

The total hours of work performed by employees directly involved in manufacturing goods or providing services.

Overhead Controllable Variance

The difference between the actual overhead incurred and the expected overhead based on a standard cost or budget, within management's control.

Actual Overhead Costs

The real costs incurred for overhead in a manufacturing or production process, as opposed to budgeted or estimated costs.

Budgeted Overhead Costs

The anticipated costs associated with running operations that are planned for in advance during the budgeting process.