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Explain the Term Internet of Things

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Explain the term Internet of Things.


Definitions:

Sequential Method

A method for allocating costs or resources where the process follows a specific order or sequence, often used in complex costing situations.

ABC

Activity-Based Costing, a method of costing that identifies activities in an organization and assigns the cost of each activity to all products and services according to the actual consumption by each.

Joint Costs

The costs incurred in a joint manufacturing process.

Split-Off Point

The point in a joint manufacturing process where the joint products become separable.

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