What is meant by absorbed overhead? Under what circumstances will a difference arise between absorbed and actual overheads? How would you dispose of the balance? What is meant by under/overabsorption...

What is meant by absorbed overhead? Under what circumstances will a difference arise between absorbed and actual overheads? How would you dispose of the balance?

What is meant by under/overabsorption of factory overheads? How will you account for them in cost accounts? Does it bear any impact while submitting quotations?