Responsibility for Updating of the Personnel Data Master File Should

question 50

Multiple Choice

Responsibility for updating of the personnel data master file should rest with authorized employein the:

• A) personnel department.
• B) payroll department.
• C) controller's department.
• D) employee's operating department.

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Definitions:

Absorption Costing

An accounting method that includes all manufacturing costs—direct materials, direct labor, and both variable and fixed overhead—in the cost of a product.

Net Operating Income

A measure of a company's profitability from its core business operations, excluding taxes and interest expenses.

Direct Labor Cost

The total cost of workforce directly involved in the production of goods or services, excluding indirect labor such as administration.

Variable Costing

A costing technique that only assigns variable production costs to inventory, helping managers understand the impact of production levels on total costs.