Who Should Approve the Payroll Amount

question 21

Multiple Choice

Who should approve the payroll amount?

• A) Human Resources Department.
• B) Supervisors.
• C) Treasurer.
• D) the employee.

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Definitions:

Inventory Costs

Inventory costs include all expenses related to acquiring, holding, and managing inventory, including purchase costs, storage, and handling.

Cost Flow Assumptions

Assumptions made about how costs flow through inventory accounts that affect the cost of goods sold and ending inventory valuation.

LIFO

Last In, First Out, an inventory valuation method where the most recently produced or purchased items are the first to be expensed.