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.