Multiple Choice
Which of the following types of accounting is primarily concerned with providing information to internal users for decision-making purposes?
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1. Introduction to Accounting
Types of Accounting
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Which of the following is NOT an ingredient for controlling labor cost in services?
A
Inventory valuation
B
Employee training
C
Effective scheduling
D
Accurate timekeeping
Verified step by step guidance1
Understand the context of the question: The problem is asking which option is NOT an ingredient for controlling labor cost in services. This requires identifying the options that directly impact labor cost management and distinguishing the one that does not.
Review the concept of labor cost control in services: Labor cost control involves strategies to manage and reduce expenses related to employee wages, benefits, and productivity. Common ingredients include employee training, effective scheduling, and accurate timekeeping.
Analyze each option: Evaluate how each option contributes to labor cost control. For example, employee training improves efficiency and reduces errors, effective scheduling ensures optimal staffing levels, and accurate timekeeping prevents overpayment or underpayment.
Consider the unrelated option: Inventory valuation is a process used to determine the value of goods held in stock, which is more relevant to managing material costs rather than labor costs. It does not directly impact labor cost control in services.
Conclude the answer: Based on the analysis, identify 'Inventory valuation' as the option that is NOT an ingredient for controlling labor cost in services.
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