(Multiple choice) 1. The document that captures the total amount of time that individual workers spend on...

Question:

(Multiple choice)
1. The document that captures the total amount of time that individual workers spend on each production job is called a
a. time card.
b. job ticket.
c. personnel action form.
d. labor form.

2. An important reconciliation in the payroll system is when
a. the general ledger department compares the labor summary from cost accounting to the disbursement voucher from account payable.
b. the personnel department compares the number of employees authorized to receive a paycheck to the number of paychecks prepared.
c. the production department compares the number of hours reported on job tickets to the number of hours reported on time cards.
d. the payroll department compares the labor summary to the hours reported on time cards.

3. Which internal control is not an important part of the payroll system?
a. supervisors verify the accuracy of employee time cards
b. paychecks are distributed by an independent paymaster
c. the department verifies the accuracy of the payroll register before transferring payroll funds to the general checking account
d. the general ledger department reconciles the labor summary and the payroll disbursement voucher

4. The department responsible for approving pay rate changes is
a. payroll
b. treasurer
C. personnel
d. cash disbursements

5. Which function should distribute paychecks?
a. personnel
b. timekeeping
c. paymaster
d. payroll

6. Which transaction is not processed in the fixed asset system?
a purchase of building
b. repair of equipment
c. purchase of raw materials
d. sale of company van

7. Depreciation
a. is calculated by the department that uses the fixed asset.
b. allocates the cost of the asset over its useful life.
c. is recorded weekly.
d. result in book value approximating fair market value.

8. Depreciation records include all of the following information about fixed assets EXCEPT the
a. economic benefit of purchasing the asset.
b. cost of the asset.
c. depreciation method being used.
d. location of the asset.

9. Which control is not a part of the fixed asset system?
a. formal analysis of the purchase request
b. review of the assumptions used in the model
c. development of an model
d. estimates of anticipated cost savings

10. Objectives of the fixed asset system do NOT include
a authorizing the acquisition of fixed assets.
b. recording depreciation expense.
c. computing gain and/or loss on the disposal of fixed assets.
d. maintaining a record of the fair market value of all fixed assets.

11. Which of the following is NOT a characteristic of the fixed asset system?
a. acquisitions are routine transactions requiring general authorization
b. retirements are reported on an authorized disposal report form
c. acquisition cost is allocated over the expected life of the asset
d. transfer of fixed assets among departments is recorded in the fixed asset subsidiary ledger.

Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive... Capital Budgeting
Capital budgeting is a practice or method of analyzing investment decisions in capital expenditure, which is incurred at a point of time but benefits are yielded in future usually after one year or more, and incurred to obtain or improve the... Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most... Economic Order Quantity
Economic order quantity (EOQ) is the ideal order quantity a company should purchase to minimize inventory costs such as holding costs, shortage costs, and order costs. This production-scheduling model was developed in 1913 by Ford W. Harris and has...