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Unformatted text preview: overhead incurred. Predetermined overhead rate A rate based on the relationship between estimated annual overhead costs and expected annual operating activity, expressed in terms of a common activity base. Process cost system A cost accounting system used when a company manufactures a large volume of similar products. Summary entry A journal entry that summarizes the totals from multiple transactions. Time ticket A document that indicates the employee, the hours worked, the account and job to be charged, and the total labor cost. Underapplied overhead A situation in which overhead assigned to work in process is less than the overhead incurred....
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- Fall '11