Clock Cards Cost Accounting Management Analyses EXHIBIT 9.51.1 General Payrolls Reports Ledger Diagram of Cost Accounting Tests of Controls Vouch Time Trace Sample Reconcile Trace Sample Vouch to Supporting Analyses Sample
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
Cost Accounting Tests of Controls. The diagram in Exhibit 9.51.1 describes several cost accounting tests of controls. It shows the direction of the tests, leading from samples of cost
Required:
For each blank square in Exhibit 9.51.1, write a cost accounting test of controls procedure and describe the evidence it can produce.
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