If More Overhead Was Applied Than Had Been Incurred,the Balance

question 43

True/False

If more overhead was applied than had been incurred,the balance in the manufacturing overhead account represents the amount of overapplied overhead.

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Definitions:

Equivalent Ratio

A proportional relationship between two numbers or quantities, indicating how many times the first number contains the second.

Smallest Term

Smallest Term generally refers to the term in a mathematical expression or sequence with the smallest numerical value.

Ratio

A numerical relationship indicating the number of times one value is contained within or contains the other.

Equivalent Ratio

Ratios that represent the same relationship between two or more quantities, even if their numerals are different.