Describe the Difference Between Internal Secondary Data and Data Gathered

question 92

Essay

Describe the difference between internal secondary data and data gathered externally(primary data).What are some applications of secondary data? Give one example of the use of each.

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Definitions:

Standard Hours

The predetermined amount of time expected to complete a task or job under normal conditions.

Predetermined Overhead Rate

A rate used to allocate manufacturing overhead costs to products or cost objects, calculated in advance based on estimated costs and activity levels.

Direct Labour Hours

The total number of hours worked by employees directly involved in the manufacturing process or providing a service.

Variable Manufacturing Overhead

Costs that vary with the level of production output, such as utilities or commissions, which are indirectly associated with the manufacturing of products.