What Does the Term "Billable Time" Mean as It Pertains

question 2

Multiple Choice

What does the term "billable time" mean as it pertains to payroll accounting?

• A)It is employee labor that may be billed to customers.
• B)It is employee labor that does not pertain to labor on customer jobs.
• C)It is non-traceable labor that a company must absorb as overhead.
• D)It is non-employee labor that the company must pay.

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Definitions:

Steel Industry

A sector of the economy that deals with the production, distribution, and consumption of steel products.

External Costs

External costs refer to the expenses that are not directly accounted for in the purchase price of a product or service, often involving environmental or societal impacts.

Market Price

The ongoing price level for buying or selling an asset or service in the open market.

Market Output

The total quantity of goods and services produced and offered for sale in a market.