Which of the following activities most likely would detect whether payroll data are accurately processed?
A. Monitor authorized distribution of data control sheets.
B. Use computer-assisted audit techniques and test data to verify the accurate performance of payroll processing.
C. Segregate duties between approval of hardware and software specifications.
D. Examine source documents for approval by supervisors.
Answer: B
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When using the indirect method for preparing the statement of cash flows, all of the following will appear in the operating activities section except:
a. Increase in deferred tax. b. Depreciation expense on leased assets. c. Interest expense. d. An increase in long-term liabilities.
Answer the following statements true (T) or false (F)
1. Production cost reports prepared using the first-in, first-out (FIFO) method determine the cost of equivalent units of production by accounting for beginning inventory costs separately from current period costs 2. Production cost reports prepared using the first-in, first-out (FIFO) method assume that the first units started in the production process are the last units completed and sold. 3. Production cost reports prepared using first-in, first-out (FIFO) method determine the average cost of equivalent units of production by combining beginning inventory costs with current period costs. 4. Production cost reports prepared using the first-in, first-out (FIFO) method assume that the first units started in the production process are the first units completed and transferred out. 5. Under the first-in, first-out (FIFO) method, the current period equivalent units of production for the units in the beginning inventory are always 100% complete.
The difference between the totals of the debit and credit columns of the Adjusted Trial Balance columns on a work sheet
A) is the amount of net income or loss B) indicates there is an error on the work sheet C) is not unusual when preparing the work sheet D) is the net difference between revenue, expenses, and drawing
Suppose that the break-even point (BEP) for a product is 300 units. This means if 310 units are produced, then this product is profitable
Indicate whether the statement is true or false