Question 1

The process of logical, systematic flow of resources throughout the organization is referred to as:

Accepted Answer

A) Logistics. 
B) Planning. 
C) Reporting. 
D) Sales forecast. 
A) Logistics. 
B) Planning. 
C) Reporting. 
D) Sales forecast.

Question 2

The goal of a physical inventory reconciliation is to

Accepted Answer

A) Determine the quantity of inventory sold. 
B) Compare the physical count with the perpetual records. 
C) Compare the physical count with the periodic records. 
D) Determine the quantity of inventory in process. 
A) Determine the quantity of inventory sold. 
B) Compare the physical count with the perpetual records. 
C) Compare the physical count with the periodic records. 
D) Determine the quantity of inventory in process.

Question 3

In inventory systems, when the actual quantity and the accounting records quantity are compared it is referred to as:

Accepted Answer

A) Perpetual inventory. 
B) Inventory resolution. 
C) The physical inventory reconciliation. 
D) Periodic inventory. 
A) Perpetual inventory. 
B) Inventory resolution. 
C) The physical inventory reconciliation. 
D) Periodic inventory.

Question 4

The corporate governance structure includes internal controls in addition to systems and processes.

Accepted Answer

A) True 
 B)False

Question 5

Which of the following represents a method of managing inventory designed to minimize a company's investment in inventories by scheduling materials to arrive at the time they are needed for production?

Accepted Answer

A) The economic order quantity EOQ) 
B) Material resource planning MRP) 
C) First-in, first-out FIFO) 
D) Just-in-time JIT) 
A) The economic order quantity EOQ) 
B) Material resource planning MRP) 
C) First-in, first-out FIFO) 
D) Just-in-time JIT)

Question 6

Based on the cost/benefit concept, it is not necessary for management to consider the moral implications of replacing human resources with electronic resources.

Accepted Answer

A) True 
 B)False

Question 7

The major function within the conversion process is the logistics function.

Accepted Answer

A) True 
 B)False

Question 8

The form that describes the chain of events that constitute a product's production is referred to as the:

Accepted Answer

A) Operations list. 
B) Bill of materials. 
C) Engineering. 
D) Capital budgeting. 
A) Operations list. 
B) Bill of materials. 
C) Engineering. 
D) Capital budgeting.

Question 9

Production orders:

Accepted Answer

A) Outline the specific timing required for sales orders. 
B) Authorize production activities for a particular need or order. 
C) Are forecasts of needs based on known and anticipated sales. 
D) Are issued by the engineering department to correct product deficiency issues. 
A) Outline the specific timing required for sales orders. 
B) Authorize production activities for a particular need or order. 
C) Are forecasts of needs based on known and anticipated sales. 
D) Are issued by the engineering department to correct product deficiency issues.

Question 10

All of the following are classifications of inventory EXCEPT:

Accepted Answer

A) Raw materials 
B) Finished goods 
C) Sold goods 
D) Work-in-process 
A) Raw materials 
B) Finished goods 
C) Sold goods 
D) Work-in-process

Question 11

Variances:

Accepted Answer

A) Are only investigated if they are unfavorable. 
B) Are always investigated. 
C) Will always result in the improvement of the logistics function. 
D) May not result in any changes in the logistics function. 
A) Are only investigated if they are unfavorable. 
B) Are always investigated. 
C) Will always result in the improvement of the logistics function. 
D) May not result in any changes in the logistics function.

Question 12

Physical controls should be in place in the company's storerooms, warehouses, and production facilities in order to safeguard the inventories held therein.

Accepted Answer

A) True 
 B)False

Question 13

The component of the logistics function that directs the focus of operations is referred to as:

Accepted Answer

A) Logistics. 
B) Planning. 
C) Reporting. 
D) Sales forecast. 
A) Logistics. 
B) Planning. 
C) Reporting. 
D) Sales forecast.

The process of logical, systematic flow of resources throughout the organization is referred to as:

The goal of a physical inventory reconciliation is to

In inventory systems, when the actual quantity and the accounting records quantity are compared it is referred to as:

The corporate governance structure includes internal controls in addition to systems and processes.

Which of the following represents a method of managing inventory designed to minimize a company's investment in inventories by scheduling materials to arrive at the time they are needed for production?

Based on the cost/benefit concept, it is not necessary for management to consider the moral implications of replacing human resources with electronic resources.

The major function within the conversion process is the logistics function.

The form that describes the chain of events that constitute a product's production is referred to as the:

Production orders:

All of the following are classifications of inventory EXCEPT:

Variances:

Physical controls should be in place in the company's storerooms, warehouses, and production facilities in order to safeguard the inventories held therein.

The component of the logistics function that directs the focus of operations is referred to as:

Introduction to AIS

Foundational Concepts of the AIS

Fraud, Ethics, and Internal Control

Internal Controls and Risks in IT Systems

IT Governance

Erp Systems

Auditing Information Technology Bases Processes

Revenue and Cash Collection Processes

Expenditures Processes and Controls - Purchases

Expenditures Processes and Controls Payroll and Fixed Assets

Administrative Processes and Controls

Data and Databases

Ecommerce and Ebusiness

Filters

Exam 11: Conversion Processes and Controls

The process of logical, systematic flow of resources throughout the organization is referred to as:

The goal of a physical inventory reconciliation is to

In inventory systems, when the actual quantity and the accounting records quantity are compared it is referred to as:

The corporate governance structure includes internal controls in addition to systems and processes.

Which of the following represents a method of managing inventory designed to minimize a company's investment in inventories by scheduling materials to arrive at the time they are needed for production?

Based on the cost/benefit concept, it is not necessary for management to consider the moral implications of replacing human resources with electronic resources.

The major function within the conversion process is the logistics function.

The form that describes the chain of events that constitute a product's production is referred to as the:

Production orders:

All of the following are classifications of inventory EXCEPT:

Variances:

Physical controls should be in place in the company's storerooms, warehouses, and production facilities in order to safeguard the inventories held therein.

The component of the logistics function that directs the focus of operations is referred to as:

Introduction to AIS

Foundational Concepts of the AIS

Fraud, Ethics, and Internal Control

Internal Controls and Risks in IT Systems

IT Governance

Erp Systems

Auditing Information Technology Bases Processes

Revenue and Cash Collection Processes

Expenditures Processes and Controls - Purchases

Expenditures Processes and Controls Payroll and Fixed Assets

Administrative Processes and Controls

Data and Databases

Ecommerce and Ebusiness

Filters