The US Standardizes the Way in Goods Are Classified by Customs

question 234

Multiple Choice

The U.S. standardizes the way in goods are classified by customs officials by using a(n) :

• A) harmonic tariff schedule
• B) harmonized tariff schedule
• C) universal tariff schedule
• D) complete tariff schedule
• E) standardized tariff schedule

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Definitions:

Predetermined Overhead Rate

A rate used to apply manufacturing overhead to products or job orders, calculated in advance based on estimated costs and activity levels.

Machine-Hours

A measure of the amount of time a machine is operated, often used as a basis for allocating manufacturing overhead costs in job-order and process costing systems.

Manufacturing Overhead

All indirect costs related to the manufacturing process, including costs for utilities, rent, and maintenance, that are not directly tied to production.

Predetermined Overhead Rate

A rate used to allocate manufacturing overhead costs to products or job orders, calculated by dividing estimated overhead costs by an allocation base.