11. A company expected its annual overhead costs to be $1,800,000 and estimated direct labor costs to be $1,000,000. How much is the company's predetermined overhead rate to the nearest cent? 12. If, at the end of the period, the manufacturing overhead account has a credit balance, then manufacturing overhead is: 13. Equivalent units of production is the sum of units completed and transferred out plus equivalent units of beginning work in process.

Q: ACCOUNTING THEORY DEFINED AND EXPLAINED

A: Introduction: Accounting is maintaining records of financial events and transactions that occur in a…

Q: Describe significant accounting policies.

A: Definition: Accounting policies: Accounting policies are the specific principles and rules which…

Q: What is accounting base on

A: The term that is related to the recording of the business transactions, summarizing the data, and…

Q: accounting definition?

A: Accounting means a process of recording , classifying , summarizing , interpreting and communication…

Q: Who enforces requirements regarding financial products and services? A. CCA B. ACCC C. ASIC D. ACL

A: The financial market is a constantly developing and growing market in which there are several…

Q: Accounting concept and convention

A: Accounting concept is defined as the accounting assumptions which the accountant of a firm…

Q: Meaning and types of accounting

A: Introduction: Accounting is one in all the foremost important roles of a corporation. An accountant…

Q: Main objective of financial accounting

A: Financial Accounting In the financial Accounting the basic process is to record the required…

Q: What is the key component of the definition of accounting

A: Accounting is a process of recording and reporting financial transactions or business transactions.…

Q: Differentiate between accounting and finance

A: Solution:- Accounting :- Accounting may be defined as "Accounting" is the process of measuring,…

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance. 

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.