Question

What is psychology and the different methods of absorption​

Answer 1

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Psychology is the science of mind and behavior. Psychology includes the study of conscious and unconscious phenomena, as well as feeling and thought. It is an academic discipline of immense scope.

Methods of Overhead Absorption:-

• Production Unit or Cost Unit Method.
• Percentage of Direct Material or Direct Material Cost Method.
• Percentage of Direct Wages Method (or) Direct Labour Cost Method.
• Percentage of Prime Cost Method.
• Direct Labour Hour Rate Method:
• Machine Hour Rate Method.
• Sales Price Method:

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Answer 2

ANSWER: Psychology is the study of mind and behavior. It encompasses the biological influences, social pressures, and environmental factors that affect how people think, act, and feel.

Gaining a richer and deeper understanding of psychology can help people achieve insights into their own actions as well as a better understanding of other people.

Methods of Overhead Absorption  are as follows:

(i) Production Unit or Cost Unit Method.

(ii) Percentage of Direct Material or Direct Material Cost Method.

(iii) Percentage of Direct Wages Method also known as  Direct Labour Cost Method.

(iv) Percentage of Prime Cost Method.

(v)Direct Labour Hour Rate Method.

(vi) Machine Hour Rate Method.

(vii) Sales Price Method.

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