Control Over Timekeeping Does Not Include

question 14

Multiple Choice

Control over timekeeping does not include

• A) having one employee punch the time cards for several employees in the same work area.
• B) time clock procedure monitoring by a supervisor.
• C) pay period time reports kept by a supervisor for salaried personnel.
• D) overtime approval by a supervisor.

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Definitions:

Machine-Hours

A measure of the amount of time machines are used in the production process, often utilized as an allocation base for applying overhead costs to products.

Unit Product Costs

The total cost associated with producing one unit of a product, including direct materials, direct labor, and overhead.

Markup

The difference between the cost of a good or service and its selling price, expressed as a percentage over the cost.

Selling Price

Selling price is the amount at which a product or service is offered to consumers, calculated to cover costs, overheads, and profit.