Question
74. Accounting records that provide the audit trail for payroll include all of the following except time cards payroll register job tickets accounts payable register
74. Accounting records that provide the audit trail for payroll include all of the following except
time cards
payroll register
job tickets
accounts payable register
75. Which statement is not correct?
Cost accounting computes variances and applies overhead to individual cost records.
General ledger posts summary information about the manufacturing process based on a journal voucher prepared by cost accounting.
General ledger creates a new cost record upon receipt of a work order from production planning and control.
Cost accounting updates the cost record with data gathered from the materials requisition.
76. Risk exposures in the general ledger and financial reporting systems include all of the following except
unauthorized access to the general ledger
loss of physical assets
general ledger account is out of balance with the subsidiary account
defective audit trail
77. Which of the following is not an example of data security?
system audit trails
password control
firewalls
volume controls
78. Which file has as its primary purpose to present comparative financial reports on a historic basis?
budget master file
journal voucher history file
responsibility file
general ledger history file
79. Which of the following is not a problem with traditional accounting information?
Managers in a lean setting require immediate information.
The measurement principle tends to ignore standards other than money.
Standard costing motivates nonlean behavior in operations.
All of the above are problems associated with traditional accounting information.
80. Which of the following situations represents an internal control weakness?
Paychecks are distributed by the employees immediate supervisor.
Timekeeping is independent of the payroll department.
Time cards are reconciled with job tickets.
Personnel is responsible for updating employee records, including creation of records for new hires.
81. Characteristics of lean manufacturing include all of the following except
push manufacturing
reduced setup time and small lot sizes
reliable vendors
zero defects
82. The fixed asset systems does all of the following except
records the disposal of assets
records improvements to assets
records acquisition of assets
estimates the fair market value of assets in service
83. The production schedule is
a description of the type and quantity of raw materials and subassemblies used to produce a single unit of finished product
the expected demand for the firms finished goods for a given year
the sequence of operations during manufacturing
the formal plan and authority to begin production
84. Which statement is not true?
A journal voucher can be used to represent summaries of similar transactions or a single unique transaction.
Journal vouchers offer a degree of control against unauthorized general ledger entries.
The journal voucher is the only source of input into the general ledger.
Journal vouchers are not used to make adjusting entries and closing entries in the general ledger.
74. Accounting records that provide the audit trail for payroll include all of the following except
time cards
payroll register
job tickets
accounts payable register
75. Which statement is not correct?
Cost accounting computes variances and applies overhead to individual cost records.
General ledger posts summary information about the manufacturing process based on a journal voucher prepared by cost accounting.
General ledger creates a new cost record upon receipt of a work order from production planning and control.
Cost accounting updates the cost record with data gathered from the materials requisition.
76. Risk exposures in the general ledger and financial reporting systems include all of the following except
unauthorized access to the general ledger
loss of physical assets
general ledger account is out of balance with the subsidiary account
defective audit trail
77. Which of the following is not an example of data security?
system audit trails
password control
firewalls
volume controls
78. Which file has as its primary purpose to present comparative financial reports on a historic basis?
budget master file
journal voucher history file
responsibility file
general ledger history file
79. Which of the following is not a problem with traditional accounting information?
Managers in a lean setting require immediate information.
The measurement principle tends to ignore standards other than money.
Standard costing motivates nonlean behavior in operations.
All of the above are problems associated with traditional accounting information.
80. Which of the following situations represents an internal control weakness?
Paychecks are distributed by the employees immediate supervisor.
Timekeeping is independent of the payroll department.
Time cards are reconciled with job tickets.
Personnel is responsible for updating employee records, including creation of records for new hires.
81. Characteristics of lean manufacturing include all of the following except
push manufacturing
reduced setup time and small lot sizes
reliable vendors
zero defects
82. The fixed asset systems does all of the following except
records the disposal of assets
records improvements to assets
records acquisition of assets
estimates the fair market value of assets in service
83. The production schedule is
a description of the type and quantity of raw materials and subassemblies used to produce a single unit of finished product
the expected demand for the firms finished goods for a given year
the sequence of operations during manufacturing
the formal plan and authority to begin production
84. Which statement is not true?
A journal voucher can be used to represent summaries of similar transactions or a single unique transaction.
Journal vouchers offer a degree of control against unauthorized general ledger entries.
The journal voucher is the only source of input into the general ledger.
Journal vouchers are not used to make adjusting entries and closing entries in the general ledger.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started