By Maintaining a Well-Defined, Complete Chart of Accounts, an Organization

question 84

Multiple Choice

By maintaining a well-defined, complete chart of accounts, an organization minimizes the related risk of:

• A)Fraud and errors
• B)Invalid general ledger postings
• C)Theft and fraud
• D)Amounts posted to wrong accounts

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Definitions:

Time Study

A work measurement technique for recording the times of performing a task to establish a standard time for the activity by direct observation and timing.

Labour Standard

Labour standard represents the amount of time required to perform a job or part of a job at a defined level of performance, often used in planning and evaluating labor efficiency.

Work Sampling

A statistical technique used to estimate how much time workers spend on various activities during their workday.

Disadvantages

Negative or less favorable aspects of a situation, plan, or product that may act as hurdles or drawbacks.