Define the Following Terms: Danelaw

question 53

Short Answer

Define the following terms: Danelaw

---

Definitions:

Predetermined Overhead Rate

A rate calculated before a period begins, used to allocate manufacturing overhead costs to products based on a particular activity base.

Journal Entries

The records that document every financial transaction in the accounting system in chronological order.

Job Cost Sheets

A document or record that tracks all the costs associated with a specific job or project, including materials, labor, and overhead costs.

Indirect Materials

Materials used in the production process that are not directly traceable to the final product, such as lubricants and cleaning supplies for machinery.