What Are the Two Distinct Forms of Corporate Tort Liability

question 61

Multiple Choice

What are the two distinct forms of corporate tort liability?

• A) direct and indirect
• B) primary and secondary
• C) primary and vicarious
• D) statutory and vicarious

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Definitions:

Predetermined Overhead Rate

An estimated charge per activity unit used to assign overhead costs to products or services, calculated before the period begins.

Direct Labor-Hours

The sum of hours contributed by workers directly participating in creating goods or offering services.

Overapplied Overhead

A situation where the allocated manufacturing overhead cost is more than the actual overhead cost incurred.

Predetermined Overhead Rate

A rate used to allocate overhead costs to products or services, calculated before the accounting period begins based on estimated costs and activity levels.