A Quasi-Contract Is​

question 16

Multiple Choice

A quasi-contract is​

• A)a bilateral contract.
• B)a contract that meets four of the six basic requirements of a contract.
• C)not a contact at all, but an improper attempt at a contract that is void.
• D)not a true contract at all, but an obligation created by law.

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Definitions:

Machine-Hours

A measure of the amount of time a machine is operated, used in cost accounting to allocate machine-related expenses to products.

Multiple Overhead Rate

A costing method that uses more than one overhead rate to allocate indirect costs to products more accurately.

Plantwide Overhead Rate

A single overhead rate calculated for an entire factory or plant, applied uniformly to all the production units, regardless of the department in which they were produced.

Labor-Intensive

Refers to a type of industry or process that requires a large amount of manpower to produce goods or services, as opposed to being highly automated.