An Electronic Payroll Time Keeping Device That Collects Data When

question 74

Multiple Choice

An electronic payroll time keeping device that collects data when employee identification badges are swiped through an electronic reader are called:

• A)Timekeeper
• B)Badge reader
• C)Paymaster
• D)Electronic time clock

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Definitions:

Ending Inventory

The aggregate worth of all products ready to be sold at the conclusion of a fiscal period.

FIFO Method

An inventory valuation method that assumes the first goods purchased or produced are the first ones sold, standing for "First In, First Out".

Cost Per Equivalent Unit

The cost per equivalent unit is calculated in process costing, representing the cost assigned to a single unit of production, considering both completed and partially completed units.

Equivalent Units

A concept used in process costing to standardize units of production, making it easier to assign costs in mixed production environments.