With a Sample of Open and Closed Production Cost Reports

question 24

Short Answer

With a sample of open and closed production cost reports, vouching labor cost to ________ is a test for ________ .

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Definitions:

Forged Indorsement

An unauthorized signature on a negotiable instrument, such as a check, meant to transfer the instrument’s ownership.

Conversion

The unauthorized act of possessing or disposing of someone else's property as if it were one's own, infringing the owner's rights.

Cashed Check

A check that has been presented to a bank or financial institution and exchanged for the equivalent amount in cash, indicating the check has been successfully processed.

Presentment Warranty

A guarantee made to the person who accepts or pays a negotiable instrument that certain facts are true as of the date of its transfer.