Simulation Models Are Fairly Easy to Use and Understand; Therefore

question 70

True/False

Simulation models are fairly easy to use and understand; therefore they can be used for a wide range of decisions.

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Definitions:

Payroll Tax Expense

The cost to employers that includes the total of the employer’s FICA OASDI, FICA Medicare, FUTA, and SUTA taxes.

Salaries Expense

An expense account recording the total amount paid to employees for services rendered during a specific period.

Freight-in

Costs associated with transporting inventory to the company, which are typically added to the cost of inventory.

Post-Closing Trial Balance

The final step in the accounting cycle that lists only permanent accounts in the ledger and their balances after adjusting and closing entries have been posted.