As Each Payroll Transaction Is Processed,the System Should Also

question 62

Multiple Choice

As each payroll transaction is processed,the system should also

• A)allocate labor costs to appropriate general ledger accounts
• B)use cumulative totals generated from a payroll to create a summary journal entry to be posted to the general ledger
• C)both A and B above
• D)The HRM system should not perform either activity A or B.

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Definitions:

Sellers

Individuals or entities that offer goods or services for sale in a market.

Competitive Market

A market structure characterized by many buyers and sellers, free entry and exit, and products that are similar enough to be considered substitutes.

Monopsony

A market condition in which there is only one buyer, giving that buyer considerable control over the price of goods and services.

Marginal Value Curve

A graphical representation that shows how the marginal value of a good or service changes as its quantity changes.