AUD 3 Internal Control 17 - 1 Operating Cycles - Production and Conversion Cycle Flashcards
Production and Conversion Cycle
The production and conversion cycle deals with manufacturing operations.
Most of the controls are similar to those in the purchasing and spending cycle, since inventory may be involved in both cycles, the difference being whether they were manufactured or purchased.
Acquisition of, and accounting for, raw materials purchased in a manufacturing process would be similar to merchandise inventory in a nonmanufacturing entity.
Production and Conversion Cycle
The production and conversion cycle deals with manufacturing operations.
Most of the controls are similar to those in the purchasing and spending cycle, since inventory may be involved in both cycles, the difference being whether they were manufactured or purchased.
Acquisition of, and accounting for, raw materials purchased in a manufacturing process would be similar to merchandise inventory in a nonmanufacturing entity.
Production and Conversion Cycle
The production and conversion cycle deals with manufacturing ope_______.
Production and Conversion Cycle
The production and conversion cycle deals with manufacturing operations.
Production and Conversion Cycle
The production and conversion cycle deals with man_________ operations.
Production and Conversion Cycle
The production and conversion cycle deals with manufacturing operations.
Production and Conversion Cycle
The production and conversion cycle d___s with manufacturing operations.
Production and Conversion Cycle
The production and conversion cycle deals with manufacturing operations.
Production and Conversion Cycle
The production and conversion cycle deals with manufacturing operations.
Most of the con____s are similar to those in the purchasing and spending cycle,
Production and Conversion Cycle
The production and conversion cycle deals with manufacturing operations.
Most of the controls are similar to those in the purchasing and spending cycle,
Production and Conversion Cycle
The production and conversion cycle deals with manufacturing operations.
Most of the controls are similar to those in the pur____ing and spending cycle,
Production and Conversion Cycle
The production and conversion cycle deals with manufacturing operations.
Most of the controls are similar to those in the purchasing and spending cycle,
Production and Conversion Cycle
The production and conversion cycle deals with manufacturing operations.
Most of the controls are similar to those in the purchasing and sp___ing cycle,
since inventory may be involved in both cycles,
Production and Conversion Cycle
The production and conversion cycle deals with manufacturing operations.
Most of the controls are similar to those in the purchasing and spending cycle,
since inventory may be involved in both cycles,
Production and Conversion Cycle
The production and conversion cycle deals with manufacturing operations.
Most of the controls are similar to those in the purchasing and spending cycle,
since inv______ may be involved in both cycles,
the difference being whether they were manufactured or purchased.
Production and Conversion Cycle
The production and conversion cycle deals with manufacturing operations.
Most of the controls are similar to those in the purchasing and spending cycle,
since inventory may be involved in both cycles,
the difference being whether they were manufactured or purchased.
Production and Conversion Cycle
The production and conversion cycle deals with manufacturing operations.
Most of the controls are similar to those in the purchasing and spending cycle,
since inventory may be involved in both cycles,
the diff______ being whether they were manufactured or purchased.
Production and Conversion Cycle
The production and conversion cycle deals with manufacturing operations.
Most of the controls are similar to those in the purchasing and spending cycle,
since inventory may be involved in both cycles,
the difference being whether they were manufactured or purchased.
Production and Conversion Cycle
The production and conversion cycle deals with manufacturing operations.
Most of the controls are similar to those in the purchasing and spending cycle,
since inventory may be involved in both cycles,
the difference being whether they were man________ed or purchased.
Production and Conversion Cycle
The production and conversion cycle deals with manufacturing operations.
Most of the controls are similar to those in the purchasing and spending cycle,
since inventory may be involved in both cycles,
the difference being whether they were manufactured or purchased.
Production and Conversion Cycle
The production and conversion cycle deals with manufacturing operations.
Most of the controls are similar to those in the purchasing and spending cycle,
since inventory may be involved in both cycles,
the difference being whether they were manufactured or pu_______ed.
Production and Conversion Cycle
The production and conversion cycle deals with manufacturing operations.
Most of the controls are similar to those in the purchasing and spending cycle,
since inventory may be involved in both cycles,
the difference being whether they were manufactured or purchased.
Production and Conversion Cycle
The production and con_______ cycle deals with manufacturing operations.
Most of the controls are similar to those in the purchasing and spending cycle, since inventory may be involved in both cycles, the difference being whether they were manufactured or purchased.
Production and Conversion Cycle
The production and conversion cycle deals with manufacturing operations.
Most of the controls are similar to those in the purchasing and spending cycle, since inventory may be involved in both cycles, the difference being whether they were manufactured or purchased.
Production and Conversion Cycle
The prod_____ and conversion cycle deals with manufacturing operations.
Most of the controls are similar to those in the purchasing and spending cycle, since inventory may be involved in both cycles, the difference being whether they were manufactured or purchased.
Production and Conversion Cycle
The production and conversion cycle deals with manufacturing operations.
Most of the controls are similar to those in the purchasing and spending cycle, since inventory may be involved in both cycles, the difference being whether they were manufactured or purchased.
Production and Conversion Cycle
The production and conversion cycle deals with manufacturing operations.
Most of the controls are si_____ to those in the purchasing and spending cycle, since inventory may be involved in both cycles, the difference being whether they were manufactured or purchased.
Production and Conversion Cycle
The production and conversion cycle deals with manufacturing operations.
Most of the controls are similar to those in the purchasing and spending cycle, since inventory may be involved in both cycles, the difference being whether they were manufactured or purchased.
Production and Conversion Cycle
The production and conversion cycle deals with manufacturing operations.
Most of the co______s are similar to those in the purchasing and spending cycle, since inventory may be involved in both cycles, the difference being whether they were manufactured or purchased.
Production and Conversion Cycle
The production and conversion cycle deals with manufacturing operations.
Most of the controls are similar to those in the purchasing and spending cycle, since inventory may be involved in both cycles, the difference being whether they were manufactured or purchased.
Production and Conversion Cycle
The production and conversion cycle deals with manufacturing operations.
Most of the controls are similar to those in the pur_____ing and sp___ing cycle, since inventory may be involved in both cycles, the difference being whether they were manufactured or purchased.
Production and Conversion Cycle
The production and conversion cycle deals with manufacturing operations.
Most of the controls are similar to those in the purchasing and spending cycle, since inventory may be involved in both cycles, the difference being whether they were manufactured or purchased.
Production and Conversion Cycle
The production and conversion cycle deals with manufacturing operations.
Most of the controls are similar to those in the purchasing and spending cycle, since inventory may be involved in b__h cycles, the difference being whether they were manufactured or purchased.
Production and Conversion Cycle
The production and conversion cycle deals with manufacturing operations.
Most of the controls are similar to those in the purchasing and spending cycle, since inventory may be involved in both cycles, the difference being whether they were manufactured or purchased.
What cycles is inventory maybe involved in?
What cycles is inventory maybe involved in?
Answer:
(1) Purchasing cycle
(2) Spending cycle
Why most of the controls in the “production and conversion cycle” are similar to those in the purchasing and spending cycle?
Why most of the controls in the “production and conversion cycle” are similar to those in the purchasing and spending cycle?
Answer: Most of the controls in the “production and conversion cycle” are similar to those in the purchasing and spending cycle,
because inventory may be involved in both purchasing and spending cycles,
What cycles is inventory maybe involved in?
Answer:
(1) P______ing cycle
(2) Spending cycle
What cycles is inventory maybe involved in?
Answer:
(1) Purchasing cycle
(2) Spending cycle
What cycles is inventory maybe involved in?
Answer:
(1) Purchasing cycle
(2) Sp___ing cycle
What cycles is inventory maybe involved in?
Answer:
(1) Purchasing cycle
(2) Spending cycle
What cycles is inventory maybe involved in?
Answer:
(1) P________ cycle
(2) S_______ cycle
What cycles is inventory maybe involved in?
Answer:
(1) Purchasing cycle
(2) Spending cycle
Why most of the controls in the “production and conversion cycle” are similar to those in the purchasing and spending cycle?
Because inventory may be involved in both __________ and _________ cycles,
Why most of the controls in the “production and conversion cycle” are similar to those in the purchasing and spending cycle?
Answer: Most of the controls in the “production and conversion cycle” are similar to those in the purchasing and spending cycle,
because inventory may be involved in both purchasing and spending cycles,
Production and Conversion Cycle
The production and conversion cycle deals with manufacturing operations.
Most of the controls are similar to those in the purchasing and spending cycle, since inventory may be involved in both cycles, the difference being whether they were man_______ed or purchased.
Acquisition of, and accounting for, raw materials purchased in a manufacturing process would be similar to merchandise inventory in a nonmanufacturing entity.
Production and Conversion Cycle
The production and conversion cycle deals with manufacturing operations.
Most of the controls are similar to those in the purchasing and spending cycle, since inventory may be involved in both cycles, the difference being whether they were manufactured or purchased.
Acquisition of, and accounting for, raw materials purchased in a manufacturing process would be similar to merchandise inventory in a nonmanufacturing entity.
Production and Conversion Cycle
Acq______ of, and accounting for, raw materials purchased in a manufacturing process
would be similar to merchandise inventory in a nonmanufacturing entity.
Production and Conversion Cycle
Acquisition of, and accounting for, raw materials purchased in a manufacturing process
would be similar to merchandise inventory in a nonmanufacturing entity.
Production and Conversion Cycle
Acquisition of, and ac_______ing for, raw materials purchased in a manufacturing process
Production and Conversion Cycle
Acquisition of, and accounting for, raw materials purchased in a manufacturing process
Production and Conversion Cycle
Acquisition of, and accounting for, r__ materials purchased in a manufacturing process
Production and Conversion Cycle
Acquisition of, and accounting for, raw materials purchased in a manufacturing process
Production and Conversion Cycle
Acquisition of, and accounting for, raw materials pur____ed in a manufacturing process
Production and Conversion Cycle
Acquisition of, and accounting for, raw materials purchased in a manufacturing process
Production and Conversion Cycle
Acquisition of, and accounting for, raw materials purchased in a man______ing process
Production and Conversion Cycle
Acquisition of, and accounting for, raw materials purchased in a manufacturing process
Production and Conversion Cycle
Acquisition of, and accounting for, raw m_______ls purchased in a manufacturing process
would be similar to merchandise inventory in a nonmanufacturing entity.
Production and Conversion Cycle
Acquisition of, and accounting for, raw materials purchased in a manufacturing process
would be similar to merchandise inventory in a nonmanufacturing entity.
Production and Conversion Cycle
Acquisition of, and accounting for, raw materials purchased in a manufacturing pro____
would be similar to merchandise inventory in a nonmanufacturing entity.
Production and Conversion Cycle
Acquisition of, and accounting for, raw materials purchased in a manufacturing process
would be similar to merchandise inventory in a nonmanufacturing entity.
Production and Conversion Cycle
Acquisition of, and accounting for, raw materials purchased in a manufacturing process
would be si_____ to merchandise inventory in a nonmanufacturing entity.
Production and Conversion Cycle
Acquisition of, and accounting for, raw materials purchased in a manufacturing process
would be similar to merchandise inventory in a nonmanufacturing entity.
Production and Conversion Cycle
Acquisition of, and accounting for, raw materials purchased in a manufacturing process
would be similar to merc________ inventory in a nonmanufacturing entity.
Production and Conversion Cycle
Acquisition of, and accounting for, raw materials purchased in a manufacturing process
would be similar to merchandise inventory in a nonmanufacturing entity.
Production and Conversion Cycle
Acquisition of, and accounting for, raw materials purchased in a manufacturing process
would be similar to merchandise inv______ in a nonmanufacturing entity.
Production and Conversion Cycle
Acquisition of, and accounting for, raw materials purchased in a manufacturing process
would be similar to merchandise inventory in a nonmanufacturing entity.
Production and Conversion Cycle
Acquisition of, and accounting for, raw materials purchased in a manufacturing process
would be similar to merchandise inventory in a nonman________ing entity.
Production and Conversion Cycle
Acquisition of, and accounting for, raw materials purchased in a manufacturing process
would be similar to merchandise inventory in a nonmanufacturing entity.
Production and Conversion Cycle
The production and conversion cycle deals with manufacturing operations.
Most of the controls are similar to those in the purchasing and spending cycle, since inventory may be involved in both cycles, the difference being whether they were manufactured or purchased.
Acq________ of, and acc________ for, raw materials purchased in a manufacturing process would be similar to merchandise inventory in a nonmanufacturing entity.
Production and Conversion Cycle
The production and conversion cycle deals with manufacturing operations.
Most of the controls are similar to those in the purchasing and spending cycle, since inventory may be involved in both cycles, the difference being whether they were manufactured or purchased.
Acquisition of, and accounting for, raw materials purchased in a manufacturing process would be similar to merchandise inventory in a nonmanufacturing entity.
Production and Conversion Cycle
The production and conversion cycle deals with manufacturing operations.
Most of the controls are similar to those in the purchasing and spending cycle, since inventory may be involved in both cycles, the difference being whether they were manufactured or purchased.
Acquisition of, and accounting for, raw materials purchased in a manufacturing process would be similar to merc________ inventory in a nonmanufacturing entity.
Production and Conversion Cycle
The production and conversion cycle deals with manufacturing operations.
Most of the controls are similar to those in the purchasing and spending cycle, since inventory may be involved in both cycles, the difference being whether they were manufactured or purchased.
Acquisition of, and accounting for, raw materials purchased in a manufacturing process would be similar to merchandise inventory in a nonmanufacturing entity.
MFG Non MFG
Purchase Purchase
Raw Materials = ______ Inventory
MFG Non MFG
Purchase Purchase
Raw Materials = Merchandise Inventory
MFG Non MFG
Purchase Purchase
___ Materials = Merchan. Inventory
MFG Non MFG
Purchase Purchase
Raw Materials = Merchandise Inventory
MFG Non MFG
Purchase Purchase
Raw M_______ = Merchan. Inventory
MFG Non MFG
Purchase Purchase
Raw Materials = Merchandise Inventory
MFG Non MFG
Purchase Purchase
Raw Materials = Merchan. In_________
MFG Non MFG
Purchase Purchase
Raw Materials = Merchandise Inventory
MFG Non MFG
Purchase Purchase
= Mercha. Inventory
MFG Non MFG
Purchase Purchase
Raw Materials = Merchandise Inventory
MFG Non MFG
Purchase Purchase
Raw Materials = Merchand. _____
MFG Non MFG
Purchase Purchase
Raw Materials = Merchandise Inventory
MFG Non MFG
Purchase Purchase
Raw Materials = ______ Inventory
MFG Non MFG
Purchase Purchase
Raw Materials = Merchandise Inventory
MFG Non MFG
Purchase Purchase
Raw ______ = Mercha. Inventory
MFG Non MFG
Purchase Purchase
Raw Materials = Merchandise Inventory
MFG Non MFG
Purchase Purchase
Raw Materials =
MFG Non MFG
Purchase Purchase
Raw Materials = Merchandise Inventory
Production and Conversion Cycle
Examples of controls related to the management assertions for manufactured inventory include:
- Presentation and Disclosure
- Existence or Occurrence
- Completeness and Cutoff
- Valuation, Allocation and Accuracy
Production and Conversion Cycle
Examples of controls related to the management assertions for manufactured inventory include:
- Presentation and Disclosure
- Existence or Occurrence
- Completeness and Cutoff
- Valuation, Allocation and Accuracy
Production and Conversion Cycle
Examples of controls related to the management assertions for manufactured inventory include:
- Presentation and Disclosure – Direct labor charged to individual time tickets is compared to the total direct labor charged to work-in-process, in order to ensure direct labor costs have not been charged to manufacturing overhead.
- Existence or Occurrence – Perpetual inventory records are compared with goods on hand.
- Completeness and Cutoff – Forms used for material requisitions are prenumbered and periodically accounted for.
- Valuation, Allocation and Accuracy – Subsidiary records are periodically reconciled to inventory control accounts.
Production and Conversion Cycle
Examples of controls related to the management assertions for manufactured inventory include:
- Presentation and Disclosure – Direct labor charged to individual time tickets is compared to the total direct labor charged to work-in-process, in order to ensure direct labor costs have not been charged to manufacturing overhead.
- Existence or Occurrence – Perpetual inventory records are compared with goods on hand.
- Completeness and Cutoff – Forms used for material requisitions are prenumbered and periodically accounted for.
- Valuation, Allocation and Accuracy – Subsidiary records are periodically reconciled to inventory control accounts.
Production and Conversion Cycle
Examples of controls related to the management as_______s for manufactured inventory include:
- Presentation and Disclosure
- Existence or Occurrence
- Completeness and Cutoff
- Valuation, Allocation and Accuracy
Production and Conversion Cycle
Examples of controls related to the management assertions for manufactured inventory include:
- Presentation and Disclosure
- Existence or Occurrence
- Completeness and Cutoff
- Valuation, Allocation and Accuracy
Production and Conversion Cycle
Examples of controls related to the management assertions for manufactured in______ry include:
- Presentation and Disclosure
- Existence or Occurrence
- Completeness and Cutoff
- Valuation, Allocation and Accuracy
Production and Conversion Cycle
Examples of controls related to the management assertions for manufactured inventory include:
- Presentation and Disclosure
- Existence or Occurrence
- Completeness and Cutoff
- Valuation, Allocation and Accuracy
Production and Conversion Cycle
Examples of controls related to the management assertions for manufactured inventory include:
- P__________ and Disclosure
- Existence or Occurrence
- Completeness and Cutoff
- Valuation, Allocation and Accuracy
Production and Conversion Cycle
Examples of controls related to the management assertions for manufactured inventory include:
- Presentation and Disclosure
- Existence or Occurrence
- Completeness and Cutoff
- Valuation, Allocation and Accuracy
Production and Conversion Cycle
Examples of controls related to the management assertions for manufactured inventory include:
- Presentation and D_________
- Existence or Occurrence
- Completeness and Cutoff
- Valuation, Allocation and Accuracy
Production and Conversion Cycle
Examples of controls related to the management assertions for manufactured inventory include:
- Presentation and Disclosure
- Existence or Occurrence
- Completeness and Cutoff
- Valuation, Allocation and Accuracy
Production and Conversion Cycle
Examples of controls related to the management assertions for manufactured inventory include:
- Presentation and Disclosure
- E________ or Occurrence
- Completeness and Cutoff
- Valuation, Allocation and Accuracy
Production and Conversion Cycle
Examples of controls related to the management assertions for manufactured inventory include:
- Presentation and Disclosure
- Existence or Occurrence
- Completeness and Cutoff
- Valuation, Allocation and Accuracy
Production and Conversion Cycle
Examples of controls related to the management assertions for manufactured inventory include:
- Presentation and Disclosure
- Existence or O_________
- Completeness and Cutoff
- Valuation, Allocation and Accuracy
Production and Conversion Cycle
Examples of controls related to the management assertions for manufactured inventory include:
- Presentation and Disclosure
- Existence or Occurrence
- Completeness and Cutoff
- Valuation, Allocation and Accuracy
Production and Conversion Cycle
Examples of controls related to the management assertions for manufactured inventory include:
- Presentation and Disclosure
- Existence or Occurrence
- C___________ and Cutoff
- Valuation, Allocation and Accuracy
Production and Conversion Cycle
Examples of controls related to the management assertions for manufactured inventory include:
- Presentation and Disclosure
- Existence or Occurrence
- Completeness and Cutoff
- Valuation, Allocation and Accuracy
Production and Conversion Cycle
Examples of controls related to the management assertions for manufactured inventory include:
- Presentation and Disclosure
- Existence or Occurrence
- Completeness and C______
- Valuation, Allocation and Accuracy
Production and Conversion Cycle
Examples of controls related to the management assertions for manufactured inventory include:
- Presentation and Disclosure
- Existence or Occurrence
- Completeness and Cutoff
- Valuation, Allocation and Accuracy
Production and Conversion Cycle
Examples of controls related to the management assertions for manufactured inventory include:
- Presentation and Disclosure
- Existence or Occurrence
- Completeness and Cutoff
- V_______, Allocation and Accuracy
Production and Conversion Cycle
Examples of controls related to the management assertions for manufactured inventory include:
- Presentation and Disclosure
- Existence or Occurrence
- Completeness and Cutoff
- Valuation, Allocation and Accuracy
Production and Conversion Cycle
Examples of controls related to the management assertions for manufactured inventory include:
- Presentation and Disclosure
- Existence or Occurrence
- Completeness and Cutoff
- Valuation, A_________ and Accuracy
Production and Conversion Cycle
Examples of controls related to the management assertions for manufactured inventory include:
- Presentation and Disclosure
- Existence or Occurrence
- Completeness and Cutoff
- Valuation, Allocation and Accuracy
Production and Conversion Cycle
Examples of controls related to the management assertions for manufactured inventory include:
- Presentation and Disclosure
- Existence or Occurrence
- Completeness and Cutoff
- Valuation, Allocation and A_________
Production and Conversion Cycle
Examples of controls related to the management assertions for manufactured inventory include:
- Presentation and Disclosure
- Existence or Occurrence
- Completeness and Cutoff
- Valuation, Allocation and Accuracy
Production and Conversion Cycle
Examples of controls related to the management assertions for manufactured inventory include:
- Presentation and Disclosure
- Existence or Occurrence
- Completeness and Cutoff
- Valuation, Allocation and Accuracy
• P__________ and Disclosure
– Direct labor charged to individual time tickets is compared to the total direct labor charged to work-in-process, in order to ensure direct labor costs have not been charged to manufacturing overhead.
Production and Conversion Cycle
Examples of controls related to the management assertions for manufactured inventory include:
- Presentation and Disclosure
- Existence or Occurrence
- Completeness and Cutoff
- Valuation, Allocation and Accuracy
• Presentation and Disclosure
– Direct labor charged to individual time tickets is compared to the total direct labor charged to work-in-process, in order to ensure direct labor costs have not been charged to manufacturing overhead.
Production and Conversion Cycle
• Presentation and D_________
– Direct labor charged to individual time tickets is compared to the total direct labor charged to work-in-process,
in order to ensure direct labor costs have not been charged to manufacturing overhead.
Production and Conversion Cycle
• Presentation and Disclosure
– Direct labor charged to individual time tickets is compared to the total direct labor charged to work-in-process,
in order to ensure direct labor costs have not been charged to manufacturing overhead.
Production and Conversion Cycle
• Presentation and Disclosure
– Direct la___ charged to individual time tickets
Production and Conversion Cycle
• Presentation and Disclosure
– Direct labor charged to individual time tickets
Production and Conversion Cycle
• Presentation and Disclosure
– Dir___ labor charged to individual time tickets
Production and Conversion Cycle
• Presentation and Disclosure
– Direct labor charged to individual time tickets
Production and Conversion Cycle
• Presentation and Disclosure
– Direct labor ch___ed to individual time tickets
Production and Conversion Cycle
• Presentation and Disclosure
– Direct labor charged to individual time tickets
Production and Conversion Cycle
• Presentation and Disclosure
– Direct labor charged to individual ti__ tickets
Production and Conversion Cycle
• Presentation and Disclosure
– Direct labor charged to individual time tickets
Production and Conversion Cycle
• Presentation and Disclosure
– Direct labor charged to ind_______ time tickets
Production and Conversion Cycle
• Presentation and Disclosure
– Direct labor charged to individual time tickets
Production and Conversion Cycle
• Presentation and Disclosure
– Direct labor charged to individual time tic___s is compared to the total direct labor
Production and Conversion Cycle
• Presentation and Disclosure
– Direct labor charged to individual time tickets is compared to the total direct labor
Production and Conversion Cycle
• Presentation and Disclosure
– Direct labor charged to individual time tickets is compared to the total direct la___ charged to work-in-process,
Production and Conversion Cycle
• Presentation and Disclosure
– Direct labor charged to individual time tickets is compared to the total direct labor charged to work-in-process,
Production and Conversion Cycle
• Presentation and Disclosure
– Direct labor charged to individual time tickets is com____d to the total direct labor charged to work-in-process,
Production and Conversion Cycle
• Presentation and Disclosure
– Direct labor charged to individual time tickets is compared to the total direct labor charged to work-in-process,
Production and Conversion Cycle
• Presentation and Disclosure
– Direct labor charged to individual time tickets is compared to the t___l direct labor charged to work-in-process,
Production and Conversion Cycle
• Presentation and Disclosure
– Direct labor charged to individual time tickets is compared to the total direct labor charged to work-in-process,
Production and Conversion Cycle
• Presentation and Disclosure
– Direct labor charged to individual time tickets is compared to the total dir___labor charged to work-in-process,
Production and Conversion Cycle
• Presentation and Disclosure
– Direct labor charged to individual time tickets is compared to the total direct labor charged to work-in-process,
Production and Conversion Cycle
• Presentation and Disclosure
– Direct labor charged to individual time tickets is compared to the total direct labor ch___ed to work-in-process,
Production and Conversion Cycle
• Presentation and Disclosure
– Direct labor charged to individual time tickets is compared to the total direct labor charged to work-in-process,
Production and Conversion Cycle
• Presentation and Disclosure
– Direct labor charged to individual time tickets is compared to the total direct labor charged to w__k-in-process (WIP),
Production and Conversion Cycle
• Presentation and Disclosure
– Direct labor charged to individual time tickets is compared to the total direct labor charged to work-in-process (WIP),
Production and Conversion Cycle
• Presentation and Disclosure
– Direct labor charged to individual time tickets is compared to the total direct labor charged to work-in-pro____ (WIP),
in order to ensure direct labor costs have not been charged to manufacturing overhead.
Production and Conversion Cycle
• Presentation and Disclosure
– Direct labor charged to individual time tickets is compared to the total direct labor charged to work-in-process (WIP),
in order to ensure direct labor costs have not been charged to manufacturing overhead.
Production and Conversion Cycle
• Presentation and Disclosure
– Direct labor charged to individual time tickets is compared to the total direct labor charged to work-in-process (WIP),
in order to ensure direct labor costs have not been charged to ma_________ing overhead.
Production and Conversion Cycle
• Presentation and Disclosure
– Direct labor charged to individual time tickets is compared to the total direct labor charged to work-in-process (WIP),
in order to ensure direct labor costs have not been charged to manufacturing overhead.
Production and Conversion Cycle
• Presentation and Disclosure
– Direct labor charged to individual time tickets is compared to the total direct labor charged to work-in-process (WIP),
in order to ensure direct labor c___s have not been charged to manufacturing overhead.
Production and Conversion Cycle
• Presentation and Disclosure
– Direct labor charged to individual time tickets is compared to the total direct labor charged to work-in-process (WIP),
in order to ensure direct labor costs have not been charged to manufacturing overhead.
Production and Conversion Cycle
• Presentation and Disclosure
– Direct labor charged to individual time tickets is compared to the total direct labor charged to work-in-process (WIP),
in order to ensure direct labor costs have not been charged to manufacturing over___d.
Production and Conversion Cycle
• Presentation and Disclosure
– Direct labor charged to individual time tickets is compared to the total direct labor charged to work-in-process (WIP),
in order to ensure direct labor costs have not been charged to manufacturing overhead.
Production and Conversion Cycle
• Presentation and Disclosure
– Direct labor charged to individual time tickets is compared to the total direct labor charged to work-in-process (WIP),
in order to ensure direct labor costs have n__ been charged to manufacturing overhead.
Production and Conversion Cycle
• Presentation and Disclosure
– Direct labor charged to individual time tickets is compared to the total direct labor charged to work-in-process (WIP),
in order to ensure direct labor costs have not been charged to manufacturing overhead.
Production and Conversion Cycle
• Presentation and Disclosure
– Direct labor charged to individual time tickets is compared to the total direct labor charged to work-in-process (WIP),
in order to ensure direct labor costs have not been ch___ed to manufacturing overhead.
Production and Conversion Cycle
• Presentation and Disclosure
– Direct labor charged to individual time tickets is compared to the total direct labor charged to work-in-process (WIP),
in order to ensure direct labor costs have not been charged to manufacturing overhead.
Production and Conversion Cycle
• Presentation and Disclosure
– Direct labor charged to individual time tickets is compared to the total direct labor charged to work-in-process (WIP),
in order to ensure direct labor costs have not been charged to manufacturing overhead.
DL in time tickets
compared with
DL in WIP
so no DL in MFG overhead
Production and Conversion Cycle
• Presentation and Disclosure
– Direct labor charged to individual time tickets is compared to the total direct labor charged to work-in-process (WIP),
in order to ensure direct labor costs have not been charged to manufacturing overhead.
DL in time tickets
compared with
DL in WIP
so no DL in MFG overhead
Production and Conversion Cycle
• Presentation and Disclosure
DL in time tickets
compared with
DL in WIP
so no DL in MFG overhead
Production and Conversion Cycle
• Presentation and Disclosure
DL in time tickets
compared with
DL in WIP
so no DL in MFG overhead
Production and Conversion Cycle
• Presentation and Disclosure
– Direct la___ charged to individual time tickets is compared to the total direct la___charged to work-in-process, in order to ensure direct la___ costs have not been charged to manufacturing overhead.
Production and Conversion Cycle
• Presentation and Disclosure
– Direct labor charged to individual time tickets is compared to the total direct labor charged to work-in-process, in order to ensure direct labor costs have not been charged to manufacturing overhead.
Production and Conversion Cycle
Examples of controls related to the management assertions for manufactured inventory include:
- Presentation and Disclosure
- Existence or Occurrence
- Completeness and Cutoff
- Valuation, Allocation and Accuracy
• Presentation and Disclosure
– Direct labor charged to individual time tickets is compared to the total direct labor charged to work-in-process, in order to ensure direct labor costs have not been charged to manufacturing overhead.
• Existence or Occurrence
– Perpetual inventory records are compared with goods on hand.
Production and Conversion Cycle
Examples of controls related to the management assertions for manufactured inventory include:
- Presentation and Disclosure
- Existence or Occurrence
- Completeness and Cutoff
- Valuation, Allocation and Accuracy
• Presentation and Disclosure
– Direct labor charged to individual time tickets is compared to the total direct labor charged to work-in-process, in order to ensure direct labor costs have not been charged to manufacturing overhead.
• Existence or Occurrence
– Perpetual inventory records are compared with goods on hand.
Production and Conversion Cycle
• Existence or Occurrence
– Perpetual in________ records are compared with goods on hand.
Production and Conversion Cycle
• Existence or Occurrence
– Perpetual inventory records are compared with goods on hand.
Production and Conversion Cycle
• Existence or Occurrence
– Perpetual inventory re____s are compared with goods on hand.
Production and Conversion Cycle
• Existence or Occurrence
– Perpetual inventory records are compared with goods on hand.
Production and Conversion Cycle
• Existence or Occurrence
– Per_______ inventory records are compared with goods on hand.
Production and Conversion Cycle
• Existence or Occurrence
– Perpetual inventory records are compared with goods on hand.
Production and Conversion Cycle
• Existence or Occurrence
– Perpetual inventory records are co_____ed with goods on hand.
Production and Conversion Cycle
• Existence or Occurrence
– Perpetual inventory records are compared with goods on hand.
Production and Conversion Cycle
• Existence or Occurrence
– Perpetual inventory records are compared with goods on h__d.
Production and Conversion Cycle
• Existence or Occurrence
– Perpetual inventory records are compared with goods on hand.
Perpetual inventory is a method of accounting for inventory
that records the sale or purchase of inventory immediately
through the use of computerized point-of-sale systems and enterprise asset management software.
Perpetual inventory is a method of accounting for inventory
that records the sale or purchase of inventory immediately
through the use of computerized point-of-sale systems and enterprise asset management software.
Perpetual in______y is a method of accounting for inventory
that records the sale or purchase of inventory immediately
through the use of computerized point-of-sale systems and enterprise asset management software.
Perpetual inventory is a method of accounting for inventory
that records the sale or purchase of inventory immediately
through the use of computerized point-of-sale systems and enterprise asset management software.
Perpetual inventory is a method of accounting for inventory
that records the sale or purchase of in______ry immediately
through the use of computerized point-of-sale systems and enterprise asset management software.
Perpetual inventory is a method of accounting for inventory
that records the sale or purchase of inventory immediately
through the use of computerized point-of-sale systems and enterprise asset management software.
Perpetual inventory is a method of accounting for inventory
that records the sale or purchase of inventory im_______ly
through the use of computerized point-of-sale systems and enterprise asset management software.
Perpetual inventory is a method of accounting for inventory
that records the sale or purchase of inventory immediately
through the use of computerized point-of-sale systems and enterprise asset management software.
P_________ inventory is a method of accounting for inventory
that records the sale or purchase of inventory immediately
through the use of computerized point-of-sale systems and enterprise asset management software.
Perpetual inventory is a method of accounting for inventory
that records the sale or purchase of inventory immediately
through the use of computerized point-of-sale systems and enterprise asset management software.
Production and Conversion Cycle
• E________ or Occurrence
– Perpetual inventory records are compared with goods on hand.
Production and Conversion Cycle
• Existence or Occurrence
– Perpetual inventory records are compared with goods on hand.
Production and Conversion Cycle
• Existence or O_________
– Perpetual inventory records are compared with goods on hand.
Production and Conversion Cycle
• Existence or Occurrence
– Perpetual inventory records are compared with goods on hand.
Production and Conversion Cycle
Examples of controls related to the management assertions for manufactured inventory include:
- Presentation and Disclosure
- Existence or Occurrence
- Completeness and Cutoff
- Valuation, Allocation and Accuracy
• Existence or Occurrence
– Perpetual inventory records are compared with g__ds on hand.
• Completeness and Cutoff
– Forms used for material requisitions are prenumbered and periodically accounted for.
Production and Conversion Cycle
Examples of controls related to the management assertions for manufactured inventory include:
- Presentation and Disclosure
- Existence or Occurrence
- Completeness and Cutoff
- Valuation, Allocation and Accuracy
• Existence or Occurrence
– Perpetual inventory records are compared with goods on hand.
• Completeness and Cutoff
– Forms used for material requisitions are prenumbered and periodically accounted for.
Production and Conversion Cycle
Examples of controls related to the management assertions for manufactured inventory include:
- Presentation and Disclosure
- Existence or Occurrence
- Completeness and Cutoff
- Valuation, Allocation and Accuracy
• C__________ and Cutoff
– Forms used for material requisitions are prenumbered and periodically accounted for.
Production and Conversion Cycle
Examples of controls related to the management assertions for manufactured inventory include:
- Presentation and Disclosure
- Existence or Occurrence
- Completeness and Cutoff
- Valuation, Allocation and Accuracy
• Completeness and Cutoff
– Forms used for material requisitions are prenumbered and periodically accounted for.
Production and Conversion Cycle
• Completeness and Cutoff
– Forms used for material requisitions are prenumbered and periodically accounted for.
Production and Conversion Cycle
• Completeness and Cutoff
– Forms used for material requisitions are prenumbered and periodically accounted for.
Production and Conversion Cycle
• Completeness and Cutoff
– F___s used for material requisitions are prenumbered
Production and Conversion Cycle
• Completeness and Cutoff
– Forms used for material requisitions are prenumbered
Production and Conversion Cycle
• Completeness and Cutoff
– Forms used for ma_______ requisitions are prenumbered
Production and Conversion Cycle
• Completeness and Cutoff
– Forms used for material requisitions are prenumbered
Production and Conversion Cycle
• Completeness and Cutoff
– Forms used for material requisitions are prenum___ed and periodically accounted for.
Production and Conversion Cycle
• Completeness and Cutoff
– Forms used for material requisitions are prenumbered and periodically accounted for.
Production and Conversion Cycle
• Completeness and Cutoff
– Forms used for material requisitions are prenumbered and pe_______lly accounted for.
Production and Conversion Cycle
• Completeness and Cutoff
– Forms used for material requisitions are prenumbered and periodically accounted for.
Production and Conversion Cycle
• Completeness and Cutoff
– Forms used for material requisitions are prenumbered and periodically acc____ed for.
Production and Conversion Cycle
• Completeness and Cutoff
– Forms used for material requisitions are prenumbered and periodically accounted for.
Production and Conversion Cycle
• Completeness and Cutoff
– Forms used for material req_______s are prenumbered and periodically accounted for.
Production and Conversion Cycle
• Completeness and Cutoff
– Forms used for material requisitions are prenumbered and periodically accounted for.
Production and Conversion Cycle
• Completeness and Cutoff
– Forms u__d for material requisitions are prenumbered and periodically accounted for.
Production and Conversion Cycle
• Completeness and Cutoff
– Forms used for material requisitions are prenumbered and periodically accounted for.
Production and Conversion Cycle
Examples of controls related to the management assertions for manufactured inventory include:
- Presentation and Disclosure
- Existence or Occurrence
- Completeness and Cutoff
- Valuation, Allocation and Accuracy
• Completeness and Cutoff
– Forms used for material requisitions are pre________ed and periodically accounted for.
• Valuation, Allocation and Accuracy
– Subsidiary records are periodically reconciled to inventory control accounts.
Production and Conversion Cycle
Examples of controls related to the management assertions for manufactured inventory include:
- Presentation and Disclosure
- Existence or Occurrence
- Completeness and Cutoff
- Valuation, Allocation and Accuracy
• Completeness and Cutoff
– Forms used for material requisitions are prenumbered and periodically accounted for.
• Valuation, Allocation and Accuracy
– Subsidiary records are periodically reconciled to inventory control accounts.
Production and Conversion Cycle
Examples of controls related to the management assertions for manufactured inventory include:
- Presentation and Disclosure
- Existence or Occurrence
- Completeness and Cutoff
- Valuation, Allocation and Accuracy
• V________, Allocation and Accuracy
– Subsidiary records are periodically reconciled to inventory control accounts.
Production and Conversion Cycle
Examples of controls related to the management assertions for manufactured inventory include:
- Presentation and Disclosure
- Existence or Occurrence
- Completeness and Cutoff
- Valuation, Allocation and Accuracy
• Valuation, Allocation and Accuracy
– Subsidiary records are periodically reconciled to inventory control accounts.
Production and Conversion Cycle
• Valuation, A_________ and Accuracy
– Subsidiary records are periodically reconciled to inventory control accounts.
Production and Conversion Cycle
• Valuation, Allocation and Accuracy
– Subsidiary records are periodically reconciled to inventory control accounts.
Production and Conversion Cycle
• Valuation, Allocation and A________
– Subsidiary records are periodically reconciled to inventory control accounts.
Production and Conversion Cycle
• Valuation, Allocation and Accuracy
– Subsidiary records are periodically reconciled to inventory control accounts.
Production and Conversion Cycle
• Valuation, Allocation and Accuracy
– Subsidiary re____s are periodically reconciled to inventory control accounts.
Production and Conversion Cycle
• Valuation, Allocation and Accuracy
– Subsidiary records are periodically reconciled to inventory control accounts.
Production and Conversion Cycle
• Valuation, Allocation and Accuracy
– S_____iary records are periodically reconciled to inventory control accounts.
Production and Conversion Cycle
• Valuation, Allocation and Accuracy
– Subsidiary records are periodically reconciled to inventory control accounts.
Production and Conversion Cycle
• Valuation, Allocation and Accuracy
– Subsidiary records are per______ly reconciled to inventory control accounts.
Production and Conversion Cycle
• Valuation, Allocation and Accuracy
– Subsidiary records are periodically reconciled to inventory control accounts.
Production and Conversion Cycle
• Valuation, Allocation and Accuracy
– Subsidiary records are periodically re____iled to inventory control accounts.
Production and Conversion Cycle
• Valuation, Allocation and Accuracy
– Subsidiary records are periodically reconciled to inventory control accounts.
Production and Conversion Cycle
• Valuation, Allocation and Accuracy
– Subsidiary records are periodically reconciled to in________ control accounts.
Production and Conversion Cycle
• Valuation, Allocation and Accuracy
– Subsidiary records are periodically reconciled to inventory control accounts.
Production and Conversion Cycle
• Valuation, Allocation and Accuracy
– Subsidiary records are periodically reconciled to inventory con____ accounts.
Production and Conversion Cycle
• Valuation, Allocation and Accuracy
– Subsidiary records are periodically reconciled to inventory control accounts.
Production and Conversion Cycle
• Valuation, Allocation and Accuracy
– Subsidiary records are periodically reconciled to inventory control ac______s.
Production and Conversion Cycle
• Valuation, Allocation and Accuracy
– Subsidiary records are periodically reconciled to inventory control accounts.
Production and Conversion Cycle
Examples of co_____s related to the management assertions for manufactured inventory include:
- Presentation and Disclosure
- Existence or Occurrence
- Completeness and Cutoff
- Valuation, Allocation and Accuracy
• Presentation and Disclosure
– Direct labor charged to individual time tickets is compared to the total direct labor charged to work-in-process, in order to ensure direct labor costs have not been charged to manufacturing overhead.
• Existence or Occurrence
– Perpetual inventory records are compared with goods on hand.
• Completeness and Cutoff
– Forms used for material requisitions are prenumbered and periodically accounted for.
• Valuation, Allocation and Accuracy
– Subsidiary records are periodically reconciled to inventory control accounts.
Production and Conversion Cycle
Examples of controls related to the management assertions for manufactured inventory include:
- Presentation and Disclosure
- Existence or Occurrence
- Completeness and Cutoff
- Valuation, Allocation and Accuracy
• Presentation and Disclosure
– Direct labor charged to individual time tickets is compared to the total direct labor charged to work-in-process, in order to ensure direct labor costs have not been charged to manufacturing overhead.
• Existence or Occurrence
– Perpetual inventory records are compared with goods on hand.
• Completeness and Cutoff
– Forms used for material requisitions are prenumbered and periodically accounted for.
• Valuation, Allocation and Accuracy
– Subsidiary records are periodically reconciled to inventory control accounts.
What does production and conversion cycle deal with?
What does production and conversion cycle deal with?
Answer: Manufacturing Operations
The production and conversion cycle deals with manufacturing operations
What cycles that most controls in production and conversion cycle are similar to?
What cycles that most controls in production and conversion cycle are similar to?
Answer: Purchasing and Spending cycle
Most of the controls are similar to those in the purchasing and spending cycle
What is the difference of inventory between “purchasing and spending cycle” and “production and conversion cycle”?
What is the difference of inventory between purchasing and spending cycle and production and conversion cycle?
Answer: Whether inventory is manufactured or purchased
Differences
Purchased inventory –> purchasing and spending cycle
vs
Manufactured inventory –> production and conversion cycle
Inventory Difference
Purchasing and spending cycle –> Purchased inventory
vs
Production and conversion cycle –> Manufactured inventory
Inventory Difference
Purchasing and spending cycle –> Purchased inventory
vs
Production and conversion cycle –> Manufactured inventory
Inventory may be involved in both cycles,
(purchasing and spending cycle)
the difference being whether inventory were manufactured or purchased.
Production and conversion cycle –> Manufactured inventory
Purchasing and spending cycle –> Purchased inventory
Inventory may be involved in both cycles,
(purchasing and spending cycle)
the difference being whether inventory were manufactured or purchased.
Production and conversion cycle –> Manufactured inventory
Purchasing and spending cycle –> Purchased inventory
“Direct labor charged to individual time tickets is compared to the total direct labor charged to work-in-process.”
Examples of controls related to the management assertions for manufactured inventory above referred to which of the following?
- Presentation and Disclosure
- Existence or Occurrence
- Completeness and Cutoff
- Valuation, Allocation and Accuracy
• Presentation and Disclosure
– Direct labor charged to individual time tickets is compared to the total direct labor charged to work-in-process, in order to ensure direct labor costs have not been charged to manufacturing overhead.
“Direct labor charged to individual time tickets is compared to the total direct labor charged to work-in-process,
in order to ensure direct labor costs have not been charged to manufacturing overhead.”
Examples of controls related to the management assertions for manufactured inventory above referred to which of the following?
- Presentation and Disclosure
- Existence or Occurrence
- Completeness and Cutoff
- Valuation, Allocation and Accuracy
• Presentation and Disclosure
– Direct labor charged to individual time tickets is compared to the total direct labor charged to work-in-process, in order to ensure direct labor costs have not been charged to manufacturing overhead.
“Subsidiary records are periodically reconciled to inventory control accounts.”
Examples of controls related to the management assertions for manufactured inventory above referred to which of the following?
- Presentation and Disclosure
- Existence or Occurrence
- Completeness and Cutoff
- Valuation, Allocation and Accuracy
• Valuation, Allocation and Accuracy
– Subsidiary records are periodically reconciled to inventory control accounts.
“Forms used for material requisitions are prenumbered”
Examples of controls related to the management assertions for manufactured inventory above referred to which of the following?
- Presentation and Disclosure
- Existence or Occurrence
- Completeness and Cutoff
- Valuation, Allocation and Accuracy
• Completeness and Cutoff
– Forms used for material requisitions are prenumbered and periodically accounted for.
“Forms used for material requisitions are periodically accounted for.”
Examples of controls related to the management assertions for manufactured inventory above referred to which of the following?
- Presentation and Disclosure
- Existence or Occurrence
- Completeness and Cutoff
- Valuation, Allocation and Accuracy
• Completeness and Cutoff
– Forms used for material requisitions are prenumbered and periodically accounted for.
“Forms used for material requisitions are prenumbered and periodically accounted for.”
Examples of controls related to the management assertions for manufactured inventory above referred to which of the following?
- Presentation and Disclosure
- Existence or Occurrence
- Completeness and Cutoff
- Valuation, Allocation and Accuracy
• Completeness and Cutoff
– Forms used for material requisitions are prenumbered and periodically accounted for.
“Perpetual inventory records are compared with goods on hand.”
Examples of controls related to the management assertions for manufactured inventory above referred to which of the following?
- Presentation and Disclosure
- Existence or Occurrence
- Completeness and Cutoff
- Valuation, Allocation and Accuracy
• Existence or Occurrence
– Perpetual inventory records are compared with goods on hand.
Acquisition of, and accounting for, raw materials purchased in a manufacturing process
would be similar to
____________ inventory in a nonmanufacturing entity.
Acquisition of, and accounting for, raw materials purchased in a manufacturing process
would be similar to
merchandise inventory in a nonmanufacturing entity.
Acquisition of, and accounting for, raw materials purchased in a manufacturing process
would be similar to
merchandise inventory in a ________________ entity.
Acquisition of, and accounting for, raw materials purchased in a manufacturing process
would be similar to
merchandise inventory in a nonmanufacturing entity.
Acquisition of, and accounting for, ___ materials purchased in a manufacturing process
would be similar to
merchandise inventory in a nonmanufacturing entity.
Acquisition of, and accounting for, raw materials purchased in a manufacturing process
would be similar to
merchandise inventory in a nonmanufacturing entity.
Acquisition of, and accounting for, raw __________ purchased in a manufacturing process
would be similar to
merchandise inventory in a nonmanufacturing entity.
Acquisition of, and accounting for, raw materials purchased in a manufacturing process
would be similar to
merchandise inventory in a nonmanufacturing entity.
Acquisition of, and accounting for, raw materials purchased in a ____________ process
would be similar to
merchandise inventory in a nonmanufacturing entity.
Acquisition of, and accounting for, raw materials purchased in a manufacturing process
would be similar to
merchandise inventory in a nonmanufacturing entity.
Acquisition of, and accounting for, raw materials purchased in a manufacturing process
would be similar to
merchandise __________ in a nonmanufacturing entity.
Acquisition of, and accounting for, raw materials purchased in a manufacturing process
would be similar to
merchandise inventory in a nonmanufacturing entity.
__________ of, and accounting for, raw materials purchased in a manufacturing process
would be similar to
merchandise inventory in a nonmanufacturing entity.
Acquisition of, and accounting for, raw materials purchased in a manufacturing process
would be similar to
merchandise inventory in a nonmanufacturing entity.
Acquisition of, and _________ for, raw materials purchased in a manufacturing process
would be similar to
merchandise inventory in a nonmanufacturing entity.
Acquisition of, and accounting for, raw materials purchased in a manufacturing process
would be similar to
merchandise inventory in a nonmanufacturing entity.
Acquisition of, and accounting for, raw materials _________ in a manufacturing process
would be similar to
merchandise inventory in a nonmanufacturing entity.
Acquisition of, and accounting for, raw materials purchased in a manufacturing process
would be similar to
merchandise inventory in a nonmanufacturing entity.
Acquisition of, and accounting for, raw materials purchased in a manufacturing process
would be similar to
merchandise inventory in a nonmanufacturing _____.
Acquisition of, and accounting for, raw materials purchased in a manufacturing process
would be similar to
merchandise inventory in a nonmanufacturing entity.
Acquisition of, and accounting for, raw materials purchased in a manufacturing _______
would be similar to
merchandise inventory in a nonmanufacturing entity.
Acquisition of, and accounting for, raw materials purchased in a manufacturing process
would be similar to
merchandise inventory in a nonmanufacturing entity.
Acquisition of, and accounting for, raw materials purchased in a manufacturing process
would be ______ to
merchandise inventory in a nonmanufacturing entity.
Acquisition of, and accounting for, raw materials purchased in a manufacturing process
would be similar to
merchandise inventory in a nonmanufacturing entity.
