List the Principles of Internal Control

question 56

Short Answer

List the principles of internal control.

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Definitions:

Work in Process

Inventory that includes partially completed goods that are still in the production process.

Wages Payable

An account that records the amounts owed to employees for work performed that has not yet been paid.

Factory Overhead

All indirect costs associated with the production process, such as maintenance, utilities, and management salaries, not directly tied to specific units of product.

Factory Overhead

Costs associated with operating a factory that are not directly tied to the production of goods, such as utilities, maintenance, and management salaries.