Which of the Following Is NOT True About Social Security

question 20

Multiple Choice

Which of the following is NOT true about Social Security?

• A) The purpose is to provide full retirement to almost all employees.
• B) Employers and employees share the cost of contributions for the employees' benefit.
• C) Self-employed individuals pay the full cost of contributions for their benefit.
• D) Social security consists of four main programs: OASI, DI, Medicare, and SSI.

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Definitions:

Cost Accounting Systems

Systems utilized by businesses to track, record, and analyze costs associated with their operations, facilitating decision-making and financial planning.

Job Order Cost System

An accounting system that accumulates costs for each individual job or project to determine its total costs.

Job Order Costing System

A cost accounting system that accumulates manufacturing costs separately for each job or order, suitable for customized products.

Work in Process Account

An account used in accounting to track the costs associated with partially completed goods in the manufacturing process.