Ch 14

Overheadee h. Process costing product i. Required data for long-term debt transactions j. Steel, for an automobile transaction Par value .. of a share 9. Pencils 10. Time clock 14. Multiple choice questions. 1. A company that reproduces fine works of art, such as the Mona Lisa, would most likely use what kind of production process? a. Hybrid b. Conversion c. Job d. Process 2. A journal entry in a company's accounting information system debited retained earnings. The purpose of the journal entry is most likely a. To record the declaration of a cash dividend. b. To account for the sale of finished goods inventory c. To apply manufacturing overhead d. To account for an employee leasing arrangement. 3. TRN Corporation produces a product that is highly perishable. Which of the following inter- nal controls is the best alternative for controlling the risk of product spoilage? a. Separation of duties b. Adequate documentation c. Employee training d. Specialized storage containers