Chapter 19-21 Flashcards
fixed assets master file
primary accounting record for equipment
insurance register
record of insurance policies in place and expiration dates thereof
accrued liabilities
estimated unpaid obligations
expense account analysis
involves auditor examination of underlying document of individual transactions and amounts making up the detail of the total of an expense account
allocation
when transactions are allocated between accounts
Ch 20
this is it
inventory and warehousing cycle
unique because of its close relationships to other transaction cycles
job cost system
costs are accumulated by individual jobs
process cost system
costs are accumulated by processes
perpetual inventory master file
keeps an exact record of inventory
cost accounting controls
those related to processes affecting physical inventory and the tracking of related costs
inventory price tests
all tests of the client’s unit prices to verify they are correct with inventory
standard cost records
indicate variances in material, labor, and overhead costs
Ch 21
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payroll and personnel cycle
employment and payment of employees
time record
document indicating the time the hourly employee started and stopped working each day and the number of hours the employee worked
payroll master file
computer file used for recording payroll transactions for each employee and maintaining total employee wages paid for the year to date
imprest payroll account
separate payroll account in which a small balance is maintained
accrued payroll expenses
payroll expenses not yet paid
human resource records
records that include such data as the date of employment, personnel investigations, rates of pay, authorized deductions, performance evaluations, and termination of employment
