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What Term Is Used to Describe the Amount and Number

question 54

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What term is used to describe the amount and number of raw materials,parts,and finished products that a company has in its possession?


Definitions:

Overhead Allocations

The process of distributing indirect costs across various products, services, or departments within a business.

Allocation Base

A criterion or standard used to distribute indirect costs to various cost objects, such as products, services, or departments.

Plantwide Overhead Rate

A single overhead rate applied uniformly to all cost objects throughout an entire plant or facility.

GAAP

Generally Accepted Accounting Principles; a collection of commonly-followed accounting rules and standards for financial reporting.

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