Exam 9: Expenditures Processes and Controlspurchases

The matching of a purchase order to the related receiving report and invoice is known as:

Within accounts payable, to ensure that each voucher is submitted and paid only once, each invoice approved to be paid should be:

The internal control process that requires the segregation of the authorization of purchase returns and the accounts payable record keeping and the custody of inventory, will help to minimize the risk of:

Internal controls related to the purchase returns would include all of the following, except:

The information from a purchase must flow into the purchase recording systems, the accounts payable and cash disbursement systems, and the inventory tracking systems.In an IT accounting system, these recording and processing systems are called:

Within the cash disbursement process, specific steps should be taken to enhance the effectiveness and efficiency of making payments to vendors.Which of the following is NOT one of those steps?

This control requires the approval and signature of two authorized persons, on checks over the predetermined threshold amount, which reduces the risk of significant fraud or error.

The internal control process that requires the approval of the purchase return transaction take place before the preparation of the debit memo, will help to minimize the risk of:

Credit cards given to employees by the organization in order for the employees to make designated purchases are called:

Which of the following is the correct chronological order of events in the purchase return process?

When goods are received at the end of the accounting period, and the invoice is not received until after the start of the following period, a problem may arise as to when to record the liability.This is referred to as a(n):

The internal control process that requires purchase return records be matched with the original purchase documentation and verified for item descriptions, quantities, dates, and prices, will help to minimize the risk of:

In order to help safeguard the security and confidentiality in an electronic business environment, a company should implement controls such as user ID, password, log-in procedures, access levels, and authority tables in order to reduce the risk of:

The examination of the system to determine the adequacy of security measures and to identify security deficiencies is called:

Personnel who work in the receiving area should complete all of the following processes, except:

Which of the following IT systems is designed to avoid the document matching process and is an "invoiceless" system?

Immediate preparation of receiving reports for all actual receipts of goods helps to minimize the risk of:

For proper segregation of duties in cash disbursements, the person who signs checks also:

Which of the following statements regarding the maintenance of adequate records and documentation in the cash disbursement process is NOT true?

Which of the following would be referred to as a common carrier?