Accounting Information Systems
10th Edition
ISBN: 9781337619202
Author: Hall, James A.
Publisher: Cengage Learning,
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Which statement is NOT true?
a. Business activities begin with the acquisition of materials, property, and labor in exchange for cash.
b. The conversion cycle includes the task of determining raw materials requirements.
c. Manufacturing firms have a conversion cycle but retail firms do not.
d. A payroll check is an example of a product document of the payroll system.
e. A journal voucher is actually a special source document.
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- If a product is made to customers’ orders or specifications or if products are made in separate identifiable “lots” or “batches”, the appropriate accounting system is: a. periodic b. process c. perpetual d. job orderarrow_forwardWhich of the following is the primary source of revenue for a service business?A. the production of products from raw materialsB. the purchase and resale of finished productsC. providing intangible goods and servicesD. the sale of raw materials to manufacturing firmsarrow_forwardWhich of the following statements is NOT true of manufacturing company accounting? a.Materials inventory represents the raw materials purchased by the company to use in the production of its product(s). b.Inventories are divided into three separate accounts. c.Factory overhead shows both a debit and a credit balance on the work sheet. d.Factory overhead debits represent the overhead that has been applied to production.arrow_forward
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