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Who formulated the ''law of effect''?
Direct Labor-Hours
A measure of the total hours of work directly involved in manufacturing goods or providing services.
Predetermined Overhead Rate
This is a calculated figure used to allocate manufacturing overhead costs to products based on a relevant activity such as machine hours or labor hours, set before the accounting period starts.
Direct Materials
Materials directly linked to the creation of certain products or services.
T-Accounts
A visual representation of accounts used in double-entry bookkeeping, showing debits on the left side and credits on the right.
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