ACCT-360 Chapter 6 Pre-Quiz Flashcards


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1

The labor distribution summary captures the total amount of time that individual workers spend on each production job.

a. True

b. False

b. False

2

The three categories of tasks in the fixed asset system are acquisition, depreciation, and disposal.

a. True

b. False

b. False

3

There are no time lags in recording economic events typical of the payroll system.

a. True

b. False

b. False

4

Inventory Control has custody of fixed assets as well as other inventory.

a. True

b. False

b. False

5

The personnel action form represents one control over payroll fraud.

a. True

b. False

a. True

6

Which control is not part of the fixed asset system?

a. review of the assumptions used in the capital budgeting model

b. formal analysis of the purchase request

c. estimates of anticipated cost savings

d. all of the controls listed are part of the fixed asset system

e. none of the controls listed are part of the fixed asset system

d. all of the controls listed are part of the fixed asset system

7

Who below is most likely to distribute paychecks?

a. supervisor

b. paymaster

c. personnel clerk

d. timekeeping clerk

b. paymaster

8

Which one of the following are fixed asset system tasks?

a. recording depreciation expense

b. computing gain and/or loss on the disposal of fixed assets

c. authorizing the acquisition of fixed assets

d. all of these

e. a. and c. are tasks, but b. is not

d. all of these

9

Which of the following data items is not likely to be included in a fixed asset record?

a. depreciation method being used

b. residual value of the asset

c. location of the asset

d. book value of the asset

e. all of these would likely be included

e. all of these would likely be included

10

Which of the following best describes depreciation?

a. It allocates the cost of the asset over its useful life.

b. It is recorded weekly.

c. It is calculated by the department that uses the fixed asset.

d. It results in book value approximating fair market value.

a. It allocates the cost of the asset over its useful life.