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Distinguish between the two time systems in the world, as defined by Edward T. Hall.
Cost Center
A department within a company that does not directly add to profit but still incurs costs, such as the customer service department.
Managerial Responsibility
The accountability of managers to make decisions and oversee a company's operations to meet its goals.
Cost Controllability
The ability of a manager or business to influence or manage the costs associated with business operations.
Cost Incurrence
The moment when a company or individual recognizes a financial obligation or expense through the receipt of goods or services.
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