Examlex
More contingencies are reported on the balance sheet under U.S. GAAP than under IFRS because of different definitions of "probable."
Traditional Costing Method
An accounting approach that assigns manufacturing overhead costs to products based on a volume metric like direct labor hours or machine hours.
Activity-Based Costing
A costing methodology that assigns costs to products based on the amount of resources used for specific activities, such as manufacturing or selling.
Direct Labor-Hours
The total hours worked by employees directly involved in the manufacturing process of a product.
Activity-Based Costing
A costing method that assigns overhead and indirect costs to specific activities, enhancing cost precision.
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