Transcription of Accounting for Materials - Cengage Learning
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Accounting for Materials - Cengage Learning
Thomson LearningTM49 Accounting for MaterialsLEARNINGOBJECTIVESA fter studying this chapter , you should be able to:1. Recognize the two basic aspects of Materials Specify internal control procedures for Account for Materials and relate Materials Accounting to the general Account for scrap Materials , spoiled goods, and defective Account for inventories in a just-in-time total inventory cost of a finished product consists of the expendituresmade for raw Materials , direct labor, and its fair share of factory principles and procedures for controlling and Accounting for these costelements are discussed in Chapters 2, 3, and 4. Each chapter examines the ac-counting procedures and controls that apply to each cost element.
ning TM Chapter 2 Accounting for Materials 51 Segregation of Duties. A basic principle of internal control is the segregation of employee duties to minimize opportunities for misappropriation of assets.
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