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What are "liabilities"? Differentiate between financial liabilities and non-financial liabilities.
Machine-Hours
A unit of measure representing the operation of machinery over time, typically used for allocating manufacturing overhead costs.
Predetermined Overhead Rate
A rate calculated at the beginning of a period for allocating estimated overhead costs to cost objects based on a chosen activity base.
Machine-Hours
This refers to the total number of hours that machinery is in operation, used as a basis for allocating manufacturing overhead to products.
Predetermined Overhead Rate
A rate used to allocate manufacturing overhead costs to products or job orders, calculated before the period begins based on estimated overhead and activity levels.
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