Time sheets are collected in a batch and the information is

Assignment Help Accounting Basics
Reference no: EM13480612

Time sheets are collected in a batch, and the information is manually keyed into the system. This data is now stored on a magnetic disk. An editing program is run, which verifies whether the employee number is valid by checking it against an employee master file. The validity of the cost center assigned is also verified against a master file. Logical and clerical errors should also be tested, such as an employee working an unreasonable number of hours in a day/week. Records that are found to be in error are sent to an error file. These errors need to be investigated and corrected. The good records are stored in a data file. The next program takes the edited transaction records, one at a time, and updates any corresponding fields in the master files. Finally, a report program generates paychecks and management reports.

Reference no: EM13480612

Questions Cloud

Dscribe alternative information sources beyond statutory : describe alternative information sources beyond statutory financial reports that are available to investors and
The wacc is 775 with break points at 13 million and a new : create an ios chart with the following investment alternatives alternative a has an irr of 8 and will add 10 million to
Using the following information regarding actual sales for : using the following information regarding actual sales for sams ski supplies calculate the regressionnbsp line sales
Look at the life and character of the 1st us president and : answer the following question in a paper of 2 pages.look at the life and character of the 1st u.s. president and
Time sheets are collected in a batch and the information is : time sheets are collected in a batch and the information is manually keyed into the system. this data is now stored on
Explain why starting a large number of wafers into : techno enterprises is a manufacturer of microchips its production process is complex and involves more than 100 steps
Describe factors that bring about managerial discretion for : describe factors that bring about managerial discretion for preparing financial
Acompany purchases 15000 of inventory from its suppliers : 1. think about the transactions listed below.a. a company obtains a 10000 loan from a bank.b. a
Who has the main responsibility for ensuring fair and : who has the main responsibility for ensuring fair and accurate financial reporting by a

Reviews

Write a Review

Accounting Basics Questions & Answers

  Summarize the companys financial performance for 2010 do

review whole foods market incs 2010 annual report company information and investor informationsee the link whole foods

  Problem related to after-tax income

Ivan Company has a goal of earning $75,000 after-tax income. Ivan would need to pay $20,000 of income taxes at the target level of income. The contribution margin ratio is 39%. What amount of dollar sales must be achieved to reach the goal if fixe..

  Calculate the predetermined variable overhead rate

Using a traditional costing system based upon direct labor hours, compute the unit product costs for flims and flams as well as contribution margin per unit.

  Is cost-volume-profit analysis relevant

Is Cost-Volume-Profit Analysis still relevant in the 21st Century business organization? Support your answer with reasoned arguments and references as appropriate.

  Calculate the economic rate of return on common stock

Which of the following formulas should be used to calculate the economic rate of return on common stock?

  Compute a materials price variance for the plates

Compute a materials price variance for the plates purchased last month and a materials quantity variance for the plates used last month.

  Describe two business sectors you might want to work in

Research a specific company in one of the business sectors that interests you and describe how you imagine it might be to work there. Use 100 to 150 words for your description.

  Monthly loan payment deduction

Monthly loan payment deducted directly by the bank from the account (includes $320 in interest) (3320)

  Cash dividend on common stock

A company declared a cash dividend on its common stock in December 2010, payable in January 2011.

  Williams companys direct labor cost is 30 percent of its

williams companys direct labor cost is 30 percent of its conversion cost. if the manufacturing overhead for the last

  Calculate the amount of interest expense

On January 1, 2004, Digital, Inc. leased heavy machinery from Young Leasing Company. The terms of the lease require semi-annual payments of $20,000 every six months for ten years beginning on June 30, 2004. The annual interest rate on the lease is..

  Applying the equity method

Dublin Co. holds a 30% stake in Club Co. which was purchased in 2011 at a cost of $3,000,000. After applying the equity method, the Investment in Club Co. account has a balance of $3,040,000. At December 31, 2011 the fair value of the investment i..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd