Chapter 19-21

Question 1

fixed assets master file

Answer 1

primary accounting record for equipment

Question 2

insurance register

Answer 2

record of insurance policies in place and expiration dates thereof

Question 3

accrued liabilities

Answer 3

estimated unpaid obligations

Question 4

expense account analysis

Answer 4

involves auditor examination of underlying document of individual transactions and amounts making up the detail of the total of an expense account

Question 5

allocation

Answer 5

when transactions are allocated between accounts

Question 6

Ch 20

Answer 6

this is it

Question 7

inventory and warehousing cycle

Answer 7

unique because of its close relationships to other transaction cycles

Question 8

job cost system

Answer 8

costs are accumulated by individual jobs

Question 9

process cost system

Answer 9

costs are accumulated by processes

Question 10

perpetual inventory master file

Answer 10

keeps an exact record of inventory

Question 11

cost accounting controls

Answer 11

those related to processes affecting physical inventory and the tracking of related costs

Question 12

inventory price tests

Answer 12

all tests of the client’s unit prices to verify they are correct with inventory

Question 13

standard cost records

Answer 13

indicate variances in material, labor, and overhead costs

Question 14

Ch 21

Answer 14

…

Question 15

payroll and personnel cycle

Answer 15

employment and payment of employees

Question 16

time record

Answer 16

document indicating the time the hourly employee started and stopped working each day and the number of hours the employee worked

Question 17

payroll master file

Answer 17

computer file used for recording payroll transactions for each employee and maintaining total employee wages paid for the year to date

Question 18

imprest payroll account

Answer 18

separate payroll account in which a small balance is maintained

Question 19

accrued payroll expenses

Answer 19

payroll expenses not yet paid

Question 20

human resource records

Answer 20

records that include such data as the date of employment, personnel investigations, rates of pay, authorized deductions, performance evaluations, and termination of employment