Examlex

Solved

A Banker's Acceptance Is an Order to Pay a Specified

question 66

True/False

A banker's acceptance is an order to pay a specified amount of money to the bearer on a given date.Banker's acceptances have been used since the twelfth century.


Definitions:

Predetermined Overhead Rate

A calculated figure used for assigning the estimate of manufacturing overhead costs to individual units of production, based on a set rate determined at the beginning of an accounting period.

Direct Materials Cost

The total cost of all the raw materials used in the production of a product or service.

Machine-hours

A measure of the amount of time a machine is operated, used in calculating manufacturing costs and allocating expenses based on machine usage.

Overapplied Overhead

A situation where the allocated or applied manufacturing overhead cost is more than the actual manufacturing overhead cost incurred.

Related Questions