Briefly Explain the  Difference Between Primary and Secondary Data and Give

question 119

Short Answer

Briefly explain the  difference between primary and secondary data and give one example of each.

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Definitions:

Process Cost System

A financial approach for allocating expenses to akin goods that are manufactured in bulk in an ongoing manner.

Factory Overhead

All indirect costs associated with manufacturing, excluding the direct costs of labor and materials.

Predetermined Overhead Rate

A rate used to allocate manufacturing overhead to individual units of production, based on estimated costs and activity levels.

Direct Labor Hours

The number of labor hours spent by workers who are directly involved in the production of goods or services.