The Abbreviation P1 in the Posting Reference Column of an Account

question 107

True/False

The abbreviation P1 in the Posting Reference column of an account indicates that the data was posted from page 1 of the cash payments journal.

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Definitions:

Operations

The activities involved in the day-to-day functions of a business related to producing and delivering its products or services.

Housekeeping Department

A division within a business, often within the hospitality industry, responsible for maintaining cleanliness, orderliness, and standards of hygiene.

Operating Departments

Sections or units within an organization directly involved in its core business activities, responsible for producing its goods or services.

Labor-hours

The total number of hours worked by all employees during a specific period, used as a measure in various calculations and operational decisions.