Describe a walk-through of a production transaction from production orders to entry in the finished goods perpetual inventory records. What document copies would be collected? What controls noted? What duties separated?
Answer to relevant QuestionsDescribe how the separation of (1) authorization of production transactions, (2) recording of these transactions, and (3) physical custody of inventories can be specified among the production, inventory, and cost accounting ...Evaluate the following statement made by an auditing student: “I do not understand cost accounting; therefore, I want to get a job with an auditing firm where I will only have to know financial accounting.” What is important about background checks using the employment applications submitted by prospective employees? Explain how government forms and reports can be used in the audit of payroll transactions and balances.How can an auditor determine whether the amount of labour cost charged to production was actually paid to employees?
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