The T-Account Format Is Also Called the Chart of Accounts

question 75

True/False

The T-account format is also called the chart of accounts.

---

Definitions:

Direct Labor Hours

The total time workers spend producing a product or service, directly associated with its manufacture.

Plantwide Overhead Rate

A single overhead absorption rate used throughout a manufacturing plant for allocating overhead costs to products.

Machine Hours

A measure of the amount of time a machine is operated in the production of goods.

Allocation Base

A criterion or standard used to distribute overhead costs among various products, services, or departments within a business.