Question 1

A purchase order is sent by the purchasing department to:

Accepted Answer

A) the receiving department. 
B) the accounting department. 
C) the outside supplier. 
D) the sales department. 
A) the receiving department. 
B) the accounting department. 
C) the outside supplier. 
D) the sales department.

Question 2

In a large company, the person who is responsible for writing cheques is the:

Accepted Answer

A) controller. 
B) CEO. 
C) accountant. 
D) CFO. 
A) controller. 
B) CEO. 
C) accountant. 
D) CFO.

Question 3

Which of the following statements describes a purchase order?

Accepted Answer

A) It is a statement from the supplier showing the goods purchased and the amount due. 
B) It is a document authorising a payment to a supplier. 
C) It is an order to purchase goods from a supplier. 
D) It is a report showing that the goods have been received in good condition, as ordered. 
A) It is a statement from the supplier showing the goods purchased and the amount due. 
B) It is a document authorising a payment to a supplier. 
C) It is an order to purchase goods from a supplier. 
D) It is a report showing that the goods have been received in good condition, as ordered.

Question 4

Which of the following is used by many companies to separate cash duties and establish stronger control over cash receipts?

Accepted Answer

A) A bank direct deposit system 
B) An encryption system 
C) An imprest system 
D) A firewall system 
A) A bank direct deposit system 
B) An encryption system 
C) An imprest system 
D) A firewall system

Question 5

The cash balance in a company's general ledger and the bank's balance on the bank statement will generally be different because of the time lag in recording transactions.

Accepted Answer

A) True 
 B)False

A purchase order is sent by the purchasing department to:

In a large company, the person who is responsible for writing cheques is the:

Which of the following statements describes a purchase order?

Which of the following is used by many companies to separate cash duties and establish stronger control over cash receipts?

The cash balance in a company's general ledger and the bank's balance on the bank statement will generally be different because of the time lag in recording transactions.

The Role of Accounting in Business

Recording Business Transactions

The Adjusting Process

Completing the Accounting Cycle

Retailing Operations

Retail Inventory

Accounting Information Systems

Receivables

Non-Current Assets: Property, Plant and Equipment, and Intangibles

Current Liabilities and Payroll

Non-Current Liabilities, Debentures Payable and Classification of Liabilities on the Balance Sheet

Partnerships

Companies: Share Capital and the Balance Sheet

Companies: Effects on Retained Earnings, Share Splits and Buy-Backs, and the Income Statement

The Cash Flow Statement

The Framework of Accounting

Financial Statement Analysis

Introduction to Managerial Accounting and the Master Budget

Job Costing

Short-Term Business Decisions

Capital Investment Decisions and the Time Value of Money

Appendix

Filters

Exam 8: Internal Control and Cash

A purchase order is sent by the purchasing department to:

In a large company, the person who is responsible for writing cheques is the:

Which of the following statements describes a purchase order?

Which of the following is used by many companies to separate cash duties and establish stronger control over cash receipts?

The cash balance in a company's general ledger and the bank's balance on the bank statement will generally be different because of the time lag in recording transactions.

The Role of Accounting in Business

Recording Business Transactions

The Adjusting Process

Completing the Accounting Cycle

Retailing Operations

Retail Inventory

Accounting Information Systems

Receivables

Non-Current Assets: Property, Plant and Equipment, and Intangibles

Current Liabilities and Payroll

Non-Current Liabilities, Debentures Payable and Classification of Liabilities on the Balance Sheet

Partnerships

Companies: Share Capital and the Balance Sheet

Companies: Effects on Retained Earnings, Share Splits and Buy-Backs, and the Income Statement

The Cash Flow Statement

The Framework of Accounting

Financial Statement Analysis

Introduction to Managerial Accounting and the Master Budget

Job Costing

Short-Term Business Decisions

Capital Investment Decisions and the Time Value of Money

Appendix

Filters