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What is the Difference between actual overhead costs and overhead costs applied?
The Actual overhead is calculated throughout the Production cycle for indirect cost associated to the production and the overhead costs applied is based on the fixed rate assigned against the machine or labour hours to be calculated for the difference b/w two are called under or over applied.
Applied overhead vs actual overhead?
APPLIED Overhead is computed using the predetermined overhead rate and is the amount of costs applied (or estimated) to be allocated (needed) for specific jobs. ACTUAL Overhead is found after the manufacturing process is complete which gives the actual amount of used/consumed resources (or total costs) that it needed to complete the job. The two amounts can then be compared afterward which is known as Under- or Overapplied Manufacturing Overhead. When Manufacturing Overhead has a DEBIT balance, overhead is said to be UNDERAPPLIED, meaning that the overhead applied to work in process or to the certain job is LESS than the overhead incurred. On the contrary, when manufacturing overhead has a CREDIT balance, overhead is OVERAPPLIED, meaning that the overhead assigned to work in process or to the certain job is GREATER than the overhead incurred.
Last month a company had receipts totaling 3700 dollars the company had overhead costs of 444 dollars what is the rate of overhead?
If you asked this, you are probably "math-challenged" so try this technique.... To make this question easier to figure out, substitute 100 for the big number and 1 for the small number. (for example: If receipts were 100 dollars, and overhead was 1 dollar what was overhead rate? the answer would be 1% which is the answer to "what is 1 divided by 100") then it will be easy to set up the real math problem as "what is 444 divided by 3700?" By putting the 444 back into the place of the $1 & the 3700 into the place of the $100. $444/3700 = 12% (12/100 & 0.12 are two other ways to write 12%) So the overhead rate is 12% of receipts. Check the math: 12% of receipts "means" 0.12 times the total receipts.. 0.12 x 3700 = 444 Check if it makes sense: Yes, it makes sense that the overhead would be a small percentage of the total receipts.
Two categories of cost comprising conversion cost?
Direct labor and Factory overhead
Projected balance sheet assumption?
two underlying assumptions you make when preparing the Income Statement and Balance Sheet
Difference between blanket and overhead absortion rate?
The advantage of using blanket overhead absorption rate is that budgeting and costing become simpler. One disadvantage however is that it is harder to know which of the costs centers is consuming most of the money allocated.
What are the two types of overhead?
The two types of overhead are fixed overhead and variable overhead. Fixed overhead remains constant regardless of production levels, while variable overhead fluctuates in direct proportion to production activity.
What is the Difference between actual overhead costs and overhead costs applied?
The Actual overhead is calculated throughout the Production cycle for indirect cost associated to the production and the overhead costs applied is based on the fixed rate assigned against the machine or labour hours to be calculated for the difference b/w two are called under or over applied.
Applied overhead vs actual overhead?
APPLIED Overhead is computed using the predetermined overhead rate and is the amount of costs applied (or estimated) to be allocated (needed) for specific jobs. ACTUAL Overhead is found after the manufacturing process is complete which gives the actual amount of used/consumed resources (or total costs) that it needed to complete the job. The two amounts can then be compared afterward which is known as Under- or Overapplied Manufacturing Overhead. When Manufacturing Overhead has a DEBIT balance, overhead is said to be UNDERAPPLIED, meaning that the overhead applied to work in process or to the certain job is LESS than the overhead incurred. On the contrary, when manufacturing overhead has a CREDIT balance, overhead is OVERAPPLIED, meaning that the overhead assigned to work in process or to the certain job is GREATER than the overhead incurred.
Assumptions can be either explicit conscious statements or belief or subconscious beliefs taken for granted. Assumptions fall into what two categories?
Assumptions can fall into two categories: explicit assumptions, which are consciously stated or believed, and implicit assumptions, which are subconscious beliefs taken for granted. Explicit assumptions are those that are openly expressed and acknowledged, while implicit assumptions are underlying beliefs that may not be overtly stated but still influence thoughts and actions.
What are the two categories of assumptions in critical thinking?
The two categories of assumptions in critical thinking are explicit assumptions, which are openly stated, and implicit assumptions, which are not directly stated but can be inferred from the context or background knowledge. Explicit assumptions are easier to identify and challenge, while implicit assumptions require deeper analysis to uncover their impact on reasoning.
What two types of information that is critical to understanding the problem?
Facts and assumptions
Last month a company had receipts totaling 3700 dollars the company had overhead costs of 444 dollars what is the rate of overhead?
If you asked this, you are probably "math-challenged" so try this technique.... To make this question easier to figure out, substitute 100 for the big number and 1 for the small number. (for example: If receipts were 100 dollars, and overhead was 1 dollar what was overhead rate? the answer would be 1% which is the answer to "what is 1 divided by 100") then it will be easy to set up the real math problem as "what is 444 divided by 3700?" By putting the 444 back into the place of the $1 & the 3700 into the place of the $100. $444/3700 = 12% (12/100 & 0.12 are two other ways to write 12%) So the overhead rate is 12% of receipts. Check the math: 12% of receipts "means" 0.12 times the total receipts.. 0.12 x 3700 = 444 Check if it makes sense: Yes, it makes sense that the overhead would be a small percentage of the total receipts.
What are the assumptions underlying the two sample t test?
The assumptions of a two-sample t-test are: Each sample come from a normally distributed population. Both populations have equal variances. The data are sampled independently from each population.
What are the two bases for allocating the factory overhead expenses?
Direct and indirect
What are the two largest categories of airline overhead expense?
Fuel & Labor
Name the two types of overhead?
Indirect Labour and Indirect Material
