General Functions of an LIS Can Include

question 6

Multiple Choice

General functions of an LIS can include:

• A) bar code reading of specimens.
• B) selection of tests from a test menu.
• C) reporting of test results.
• D) all of the above.

Demonstrate knowledge of recording transactions in sales, purchases, cash receipts, and cash disbursements journals.

Explain the posting process for special journals to the general ledger.

Describe the differences between perpetual and periodic inventory systems and their impact on journal entries.

Analyze the significance of footing and crossfooting in ensuring the accuracy of journal totals.

---

Definitions:

Materials Price Variance

The difference between the actual cost of materials and the standard cost, multiplied by the actual quantity of materials used.

Variable Manufacturing Overhead

This refers to the manufacturing overhead costs that vary with the level of production, such as utilities or indirect materials.

Materials Price Variance

The variance between the standard cost and the actual expense of materials, factored by the number of materials acquired.

Direct Labor-hours

The total time that production workers spend working on products or production processes, used as a base for applying manufacturing overhead.