The Typical Functions of the Personnel and Payroll Cycle Would

question 83

Multiple Choice

The typical functions of the personnel and payroll cycle would not include

• A)labor relations.
• B)report of attendance and work performed.
• C)allocation to cost of goods sold.
• D)payroll accounting.

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Definitions:

Activity-based Costing

A costing method that identifies activities in an organization and assigns the cost of each activity to all products and services according to the actual consumption by each.

Overhead Costs

Indirect costs of running a business that are not directly tied to production, such as rent, utilities, and salaries.

Departmental Overhead Rate

An allocation rate used to assign overhead costs to specific departments based on relevant criteria, such as labor hours or machine hours.

Machine Hours

Machine hours refer to the total operating time of a machine or group of machines during a specific period, used as a basis for allocating costs in manufacturing.