A Cost Pool Is

question 95

Multiple Choice

A cost pool is:

• A) a collection of costs to be assigned.
• B) the joint result of several subunit activities.
• C) the primary function of a responsibility accounting system.
• D) a performance report of the lowest level manager.

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Definitions:

Monthly Depositor

A business classified as a monthly depositor will make its payroll tax deposits only once each month for the amount of Form 941 taxes due from the prior month.

Look-Back Period

A specified time frame in the past during which relevant financial transactions or performance is reviewed or analyzed.

Payroll Tax Expense

Taxes that are incurred by an employer based on the salaries and wages of employees, including taxes like Social Security and Medicare in the United States.

FICA

The Federal Insurance Contributions Act tax is a United States federal payroll tax imposed on both employees and employers to fund Social Security and Medicare.