Chapter 6: Expenditure Cycle Part 2 Flashcards
This is used to capture the total time worked each day period for payroll calculations.
Time cards
These account for the time spent by the worker on each production job.
Job tickets
What are the two forms that production employees fill out?
Job tickets
Time cards
Who signs the time cards?
The supervisor
Where does the cost counting department summarize the charges of labor costs to WIP accounts?
Labor distribution summary
What does the cost accounting department use to allocate labor costs to WIP accounts?
Job tickets
In a manual payroll system, what does the personnel department use to activate new employees, terminate employees, and change the pay rate of employees?
Personnel action forms
In a manual payroll system, which department prepares a cash disbursements voucher for the total amount of the payroll?
Accounts Payable
The Cash Disbursements department reviews and signs the paychecks and forwards them to a _____________ for distribution to the employees
paymaster
The cash disbursements department in a manual payroll system writes a check for the payroll and deposits it into where?
The payroll imprest account
In a manual payroll system, which duties should be segregated?
Timekeeping and personnel functions
These need to prevent employees from having improper access to unsigned checks and accounting records.
Access Controls
This need to monitor employees to ensure they are not clocking in for one another.
Supervision
What kind of verification is needed for the verification of time cards, distributions of paychecks to authorized employees, and verification of payroll register accuracy of the AP?
Independent Verification
Payroll can be reengineered as a part of ___________ (HRM).
Human resource management
Who can make changes to the employee file in real time?
Personnel
Who enters job cost dat either daily or in real time?
Cost accounting
Which activity enters the attendance fine daily?
TImekeeping
Which still uses batch processing and prepares all reports, the checks, and updates the general ledger.
Data processing
True or False: Reengineered HRM Systems differ from automated manual and batch/sequential file systems because indirect access files are used for storage.
False. Direct access files are used by the reengineered HRM systems.
True or False: Compared to automated manual and batch/sequential file systems, reengineered HRM systems have real-time access to personnel files required for direct inquiries.
True
True or False: Reengineered HRM Systems differ from automated manual and batch/sequential file systems because many processes are performed real time.
True
True or False: Compared to automated manual and batch/sequential file systems, reengineered HRM systems have the operations department transmit transactions to data processing via terminals.
True
What are the four stages of the life of a fixed asset?
- Acquisition
- Depreciation
- Subsequent expenditures
- Disposal
