Concept Introduction:
Accounting is an art of collecting, recording, summarizing and presenting the financial information in a meaningful output. The person who does the accounting is called "Accountant". The accountant follows some principles to do the accounting; the principles are called 'Accounting Principles".
To Indicate:
How Material requisition help in control the issuance of material from the store room
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Chapter 10 Solutions
CengageNOWv2, 1 term Printed Access Card for Warren's Survey of Accounting, 8th
- Which of these is a Material control technique: a. Control over slow moving and non moving items b. Maintaining stores ledger c. Fixation of raw material levels d. ABC Analysisarrow_forwardProper authorization is required before orders for new materials can be placed.What is the difference between a purchaserequisition and a purchase order?arrow_forwardNormally, a manufacturer maintains an accounting system that includes a materials ledger and a general ledger account for Materials. What is the relationship between the materials ledger and the materials account in the general ledger?arrow_forward
- Which document lists the inventory that will be removed from the raw materials inventory? A. job cost sheet B. purchase order C. materials requisition form D. receiving documentarrow_forwardHow do the job cost sheets act as a subsidiary ledger for the work in process inventory if journal entries are not made to the job cost sheets?arrow_forwardAs goods are transferred from a prior process to a subsequent process, the following entry to record the cost of abnormal spoilage would be made: a. debit Work in Process (subsequent department) and credit Work in Process (prior department) b. debit Abnormal Spoilage Loss and credit Work in Process (prior department) c. debit Finished Goods and credit Work in Process (prior department) d. debit Finished Goods and credit Abnormal Lossarrow_forward
- What journal entry is recorded when a material manager recieves a materials requisiton andthen issues materials (both direct and indirect) for use in the factory?arrow_forwardIdentify the control document for materials flow when a materials requisition slip is not used.arrow_forwardWhen raw materials are purchased, the cost is debited to an inventory account called ________. The materials account in the general ledger is a control account; a separate account for each type of material is kept in a(n) ________ ledger, called a materials or stores ledger. Materials are issued from the storeroom to production based on a form called the ________. Direct labor is debited to the ________ inventory account.arrow_forward
- Is the cost of disposing of hazardous waste materials result-ing from factory operations a product cost or a period cost? Explain.arrow_forwardWhat type of account would a manufacturing company use to record materials used throughout the production but are not considered the primary materials to be processed?arrow_forwardWhich of the following best describes the activities of the materials management function?a. purchasing, receiving, and inventory controlb. receiving, sales, distribution, and purchasingc. receiving, storage, purchasing, and accountspayabled. purchasing, receiving, and storagee. purchasing, storage, and distributionarrow_forward
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