Question 1

The payroll department performs all of the following except

Accepted Answer

A)  prepares the payroll register 
B)  distributes paychecks 
C)  updates employee payroll records 
D)  prepares paychecks 
A)  prepares the payroll register 
B)  distributes paychecks 
C)  updates employee payroll records 
D)  prepares paychecks

Question 2

Asset maintenance involves

Accepted Answer

A)  the recording of periodic depreciation 
B)  adjusting the asset records to reflect the cost of physical improvements 
C)  keeping track of the physical location of the assets 
D)  all of the above 
A)  the recording of periodic depreciation 
B)  adjusting the asset records to reflect the cost of physical improvements 
C)  keeping track of the physical location of the assets 
D)  all of the above

Question 3

In the payroll subsystem,which function should distribute paychecks?

Accepted Answer

A)  personnel 
B)  timekeeping 
C)  paymaster 
D)  payroll 
A)  personnel 
B)  timekeeping 
C)  paymaster 
D)  payroll

Question 4

Describe how the Fixed Asset System differs from the expenditure cycle.

Accepted Answer

The Fixed Asset System processes nonrout

Question 5

All of the following are processed by the Fixed Asset System except

Accepted Answer

A)  sale of unneeded equipment 
B)  purchase of raw materials 
C)  repair of production equipment 
D)  purchase of a new plant 
A)  sale of unneeded equipment 
B)  purchase of raw materials 
C)  repair of production equipment 
D)  purchase of a new plant

Question 6

What negative consequences result when fixed asset records include assets that are no longer owned by the firm?

Accepted Answer

On the financial statements,assets will

Question 7

Payroll checks are typically drawn on

Accepted Answer

A)  the regular checking account 
B)  a payroll imprest account 
C)  a wages payable account 
D)  petty cash 
A)  the regular checking account 
B)  a payroll imprest account 
C)  a wages payable account 
D)  petty cash

The payroll department performs all of the following except

Asset maintenance involves

In the payroll subsystem,which function should distribute paychecks?

Describe how the Fixed Asset System differs from the expenditure cycle.

All of the following are processed by the Fixed Asset System except

What negative consequences result when fixed asset records include assets that are no longer owned by the firm?

Payroll checks are typically drawn on

The Information System: An Accountant’s Perspective

Introduction to Transaction Processing

Ethics, Fraud, and Internal Control

The Revenue Cycle

The Expenditure Cycle Part I: Purchases and Cash Disbursements Procedures

The Conversion Cycle

General Ledger, Financial Reporting, and Management Reporting Systems

Database Management Systems

The REA Approach to Business Process Modeling

Enterprise Resource Planning Systems

Electronic Commerce Systems

Managing the Systems Development Life Cycle

Construct, Deliver, and Maintain Systems Projects

IT Controls : Sarbanes-Oxley and IT Governance

IT Controls : Security and Access

IT Controls : Systems Development Program Changes and Application Controls

Filters

Exam 6: The Expenditure Cycle Part II: Payroll Processing and Fixed Asset Procedures

The payroll department performs all of the following except

Asset maintenance involves

In the payroll subsystem,which function should distribute paychecks?

Describe how the Fixed Asset System differs from the expenditure cycle.

All of the following are processed by the Fixed Asset System except

What negative consequences result when fixed asset records include assets that are no longer owned by the firm?

Payroll checks are typically drawn on

The Information System: An Accountant’s Perspective

Introduction to Transaction Processing

Ethics, Fraud, and Internal Control

The Revenue Cycle

The Expenditure Cycle Part I: Purchases and Cash Disbursements Procedures

The Conversion Cycle

General Ledger, Financial Reporting, and Management Reporting Systems

Database Management Systems

The REA Approach to Business Process Modeling

Enterprise Resource Planning Systems

Electronic Commerce Systems

Managing the Systems Development Life Cycle

Construct, Deliver, and Maintain Systems Projects

IT Controls : Sarbanes-Oxley and IT Governance

IT Controls : Security and Access

IT Controls : Systems Development Program Changes and Application Controls

Filters