Following Is the Result of Batch Control Totals on Employee

question 2

Multiple Choice

Following is the result of batch control totals on employee Social Security numbers in a payroll processing transaction:
$$\begin{array} { c c } \text { Correct } & \begin{array} { c } \text { Values } \\\text { Entered }\end{array} \\\text { Values From } & \text { During } \\\underline { \text { Masterfile } } & \underline { \text { Processing } } \\\hline 487358796 & 487358796 \\534916487 & 534916487 \\498374526 & 498374526 \\514873420 & 514873420 \\534196487 & 534916487 \\678487853 & 678487853 \\\underline { 471230589 } & \underline { 471230589 } \\\underline { \underline { 7719438158 } } & \underline { 3720158158 } \\\hline\end{array}$$
The difference in the control totals is 720,000.Which data entry control would best prevent similar data entry errors in the future?

• A)Batch check.
• B)Validity check.
• C)Check digit.
• D)Sequence check.

Understand how factory labor costs, including direct and indirect (manufacturing overhead) labor costs, are accounted.

Grasp the treatment of manufacturing overhead costs, including pre-determined rates, application, and the adjustment of over/under applied overhead.

Comprehend the significance of costing inventory according to GAAP, including the perpetual and periodic inventory systems.

Identify the documentation and ledgers used in job order costing, including job cost sheets and their relationship to work in process inventory.

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Definitions:

Worksheet Income Statement

A simplified version of an income statement prepared within an accounting worksheet to calculate net income or loss.

Normal Balance

The side (debit or credit) of an account that is expected to have a higher balance, reflecting its nature in accounting.

Financial Statement

Reports that provide information about a company's financial condition, performance, and cash flows, including balance sheets, income statements, and more.

Permanent/Temporary

Classification of accounts; permanent accounts are balance sheet accounts that carry their ending balances into the next accounting period, while temporary accounts are closed and zeroed out at the end of each period.