The Chart of Accounts Lists All the Accounts and Their

question 78

True/False

The chart of accounts lists all the accounts and their account numbers.

---

Definitions:

Batch-Level Activity

Costs or activities that are incurred every time a batch is produced, regardless of the size of the batch; part of activity-based costing.

Traditional Costing

A costing method that allocates factory overhead to products based on volume-related measures, such as labor hours or machine hours.

Predetermined Overhead Rate

A rate calculated before a period begins, used to allocate estimated manufacturing overhead costs to individual units of product based on a chosen activity base.

Washing Mitt

A glove-like cleaning tool used for washing surfaces, especially in automotive detailing, made of soft fibers to avoid scratching.