Examlex
Describe the differences between process costing and job-order costing.
Direct Materials
Basic substances that can be directly linked to the production process of a product.
Direct Labor Costs
The expenses associated with the wages of employees who are directly involved in the production or manufacturing of goods or services.
Predetermined Overhead Rate
A rate used to allocate manufacturing overhead costs to products or job orders based on a projected activity level.
General Ledger
The main accounting record of a company that uses double-entry bookkeeping, containing all the financial accounts and statements.
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