Internal Controls for Cash Payments Also Apply to Payrolls

question 28

True/False

Internal controls for cash payments also apply to payrolls.

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Definitions:

MRP

Material Requirements Planning, a system for managing manufacturing processes by calculating materials, components, and schedule needs.

Time-Phased Product Structure

A detailed chart representing the timing and quantity of each component needed in the manufacturing process over time.

Bill Of Material

A comprehensive list of raw materials, components, and assemblies needed to manufacture or repair a product.

Lead Times

The period between the initiation and completion of a process or project, such as the time from placing an order to delivery or from product development to market launch.