Which One of the Following Is a Major Purpose of Cost

question 116

Multiple Choice

Which one of the following is a major purpose of cost accounting?

• A)to provide gross profit rates to managers
• B)to allocate overhead costs to jobs
• C)to classify all costs as direct or indirect
• D)to measure, record, and report product costs

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Definitions:

Federal Taxes

Taxes levied by the national government of the United States on income, property, and goods and services.

Pay Period

The regular schedule by which employers pay wages to employees, such as weekly, biweekly, or monthly.

Social Security Taxes

Taxes levied on both employees and employers to fund the Social Security program, providing retirement, disability, and survivor benefits.

Wages

are payments made to employees for their services, typically calculated on an hourly, daily, or piecework basis.