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An Account Format That Is Similar to a T-Account in That

question 114

Essay

An account format that is similar to a T-account in that it has columns for debits and credits, but that is different in that it has columns for transaction date, explanation, and the account balance is the __________________________________.


Definitions:

Departmental Predetermined Overhead Rates

The estimated overhead rates assigned to different departments within a company, used for more accurate product costing.

Markup

The amount added to the cost price of goods to cover overhead and profit; a percentage of the cost.

Machine-Hours

A measure of production volume or activity based on the number of hours machines are operated.

Machine-Hours

A measurement used in cost accounting to allocate expenses to products or job orders, based on the number of hours machines are operated.

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