Which statement is not correct?
A)General ledger creates a new cost record upon receipt of a work order from production planning and control.
B)Cost accounting updates the cost record with data gathered from the materials requisition.
C)General ledger posts summary information about the manufacturing process based on a journal voucher prepared by cost accounting.
D)Cost accounting computes variances and applies overhead to individual cost records.

Question

Quizplus · Accepted Answer

The statement that general ledger creates a new cost record upon receipt of a work order from production planning and control is not correct. This is actually done by cost accounting, as stated in option B. The other statements are all correct.

Which Statement Is Not Correct