BOOKKEEPING 2 Definition

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BOOKKEEPING is the art, practice, or labor involved in the systematic recording of the transactions affecting a business.

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INTANGIBLE ASSET is an asset that is not physical in nature. Examples are things like copyrights, patents, intellectual property, or goodwill. An intangible asset is the opposite of tangible asset.

OVER-APPLIED FACTORY OVERHEAD is the amount of factory overhead applied in excess of the actual factory overhead incurred for a production period.

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