A Clock Card Is a Source Document Used by an Employee

question 138

True/False

A clock card is a source document used by an employee to record the total number of hours worked and serves as a source document for entries to record labor costs.

---

Definitions:

Profit Maximizes

The technique a firm uses to determine the most profitable price and quantity of production.

Positive Profits

The financial gain that occurs when the total revenues earned by a firm exceed its total costs of production, indicating successful business operations.

Total Revenues

The overall amount of money earned or received by a business or organization from its activities, before any expenses are subtracted.

Total Costs

The comprehensive sum of all expenses incurred in the production of goods or services, including fixed and variable costs.