Which of the Following Business Rules Illustrates a Proper Implementation

question 26

Multiple Choice

Which of the following business rules illustrates a proper implementation of internal control?

• A)The employee that orders manterials can't also inspect the work.
• B)The employee that performs part of the conversion work can't also perform other work in the conversion process.
• C)The employee that authorizes production can't be the same employee that issues raw materials.
• D)The person that receives the finished items can't also place them into their assigned warehouse location.

Understand and apply FIFO and weighted-average methods of inventory costing.

Calculate equivalent units for direct materials, direct labor, and overhead.

Compute total and equivalent unit costs for completed and in-process goods.

Describe the flow of overhead, materials, and labor costs in a process cost accounting system.

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Definitions:

Managers

Individuals or groups responsible for directing and overseeing the operations and strategies of a business or part of a business.

Readily Available

Something that is easily obtainable or accessible whenever needed.

Payback Period

The duration of time it takes to recoup the cost of an investment.