Examlex
A theory is an organized system of assumptions and principles that purports to explain a specified set of phenomena and their interrelationships.
Plantwide Factory Overhead Rate
A single overhead absorption rate used throughout a factory, applied to all production units irrespective of departmental differences.
Production Department
A production department is a specialized unit within a manufacturing firm that is responsible for the process of converting raw materials into finished goods.
Allocated Per Unit
The process of assigning a portion of total costs directly to individual units of production or service.
Plantwide Factory Overhead Rate
A single overhead absorption rate used throughout an entire plant or factory to allocate overhead costs to products.
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