1. Which of the following activities is not part of the production cycle? a. Managing raw materials b. Planning production c. Keeping the finished goods d. Handling variances for standard and actual costs of goods manufactured 2. . Which of the following accounting functions has been automated by most companies' information processing subsystems? a) Posting to ledgers b) Recording journal entries c) Preparing trial balances d) all of the above 3. Master files that are maintained as part of the processing of purchase transactions are: a) Accounts payable, bill of materials, finished goods inventory, open purchase orders b) Accounts payable, open purchase orders, raw materials inventory, work in process inventory c) Accounts payable, bill of materials, open purchase orders, vendor history d) Accounts payable, finished goods inventory, open purchase orders, vendor history e) Accounts payable, open purchase orders, raw materials inventory, vendor history 4. Master files used to plan and report on the resources required for the coming period are: a) Bill of materials, open production orders, work in process inventory, operations list b) Finished goods inventory, open production orders, open purchase orders, work in process inventory c) Finished goods inventory, open purchase orders, raw materials inventory, work in process d) Bill of materials, open production orders, vendor history, operations list e) Accounts payable, bill of materials, open production orders, raw materials inventory