Fill in the Blank with the Phrase That Best Completes

question 87

Multiple Choice

Fill in the blank with the phrase that best completes the sentence.
-The maintenance department at the local museum is a(n) ________.

• A)responsibility center
• B)cost center
• C)investment center
• D)revenue center
• E)profit center

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Definitions:

Depreciation Expense

The allocation of the cost of a tangible asset over its useful life, reflecting the asset's consumption, wear and tear, or obsolescence.

Accrue Wages Expense

The recognition of wages incurred by employees that have not yet been paid by the company.

Financial Statements

Consolidated documents that present the financial activities and conditions of a business or entity, including the balance sheet, income statement, and cash flow statement.

Net Income

The total profit of a company after all expenses and taxes have been deducted from revenue, a key indicator of financial health.