GLOSSARY of Costing & Management Accounting Terms-Alphabet O
| RETURN TO GLOSSARY INDEX | |
| Opportunity cost | The benefit foregone or lost when an alternative is rejected |
| Over absorbed overhead | The amount of overhead absorbed exceeds the amount of overhead incurred. |
| Overhead | The total cost of indirect material, indirect labor and indirect expenses |
| Overtime premium | Extra pay to workers for overtime work. |
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