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Describe how the separation of (1) authorization of production transactions, (2) recording of these transactions, and (3) physical custody of inventories can be specified among the production, inventory, and cost accounting departments. How does the production order document provide a control over the quantity of materials used in production? From what population of documents would an auditor sample to determine (1) whether all are authorized, (2) production was completed and placed in inventory or written off as scrap, and (3) finished goods inventory was actually produced and properly costed?

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Accounting Basics, Accounting

Category:- Accounting Basics
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