Exam 10: Purchasing and Payments Process

The 3-way match takes documents from 3 departments and matches them before paying a vendor invoice. Choose from the list below one of the departments a document should be received from by accounts payable to perform the match.

Inventory is a balance sheet line item that includes all items used in the creation of products. Which of the following is classified as products in the process of being manufactured?

The data collected during the purchasing of raw materials can be converted into several purchasing reports. Below is a list of some of those reports. Which report is a master list of all approved vendors from the vendor master table?

Review the diagram below: Which deliverable is A?

The data collected during the accounts payable process can be converted into several accounts payable reports. Below is a list of some of those reports. Which report summarizes purchases by vendor over a specific period of time to look for unusual activity?

The textbook discussed four of the stages of the Fixed Asset acquisitions process. Which stage corresponds to the following description? "The department that uses a particular fixed asset generally initiates the purchasing process with a purchase requisition."

Choose the best definition from the list below of bid rigging.

Payments made to unauthorized or nonexistent purchases may result in fraudulent misappropriation of cash. Choose the best control activity to address this risk.

Numerous departments are involved in the purchases and payments processes. Choose from the list below one of the departments that is involved in the purchases and payments processes.

There are five modules in the ERP system cloud map that support the specific purchasing and payment business processes. Choose one of the modules from the list below.

Numerous departments are involved in the fixed assets purchases and payments processes. Choose from the list below one of the departments that is involved in the fixed assets purchases and payments processes.

The data collected during the purchasing of raw materials can be converted into several purchasing reports. Below is a list of some of those reports. Which report lists the items on backorder from suppliers and vendors?

There are five modules in the ERP system cloud map that support the specific purchasing and payment business processes. Choose one of the modules from the list below.

Review the diagram below: What business activity does A represent?

RAM Manufacturing LLC is a small but rapidly growing manufacturer of parts for the automotive industry. RAM Manufacturing is considering purchasing and implementing an ERP system but has not yet chosen a vendor. Maeve, an accounts payable clerk, processes accounts payable twice per month and regularly fails to take advantage of offered vendor payment discounts. What control activity could be implemented to prevent this risk in the future?

Choose from the list below the best control activity to prevent goods that are received but not recorded.

The raw material purchasing reports can provide management with insight into how to improve processes. Additional raw materials purchasing analytics can be used for decision making and dashboards. Which raw material purchasing analytic analyzes vendor price increases greater than a threshold amount over a period of time?

Choose from the list below the best control activity to prevent entering oral or written contracts prior to the completion of the vendor onboarding process that may result in a financial obligation to unapproved vendors.

There are five business activities involved in the purchasing process. i. Pay for the inventory received ii. Order the inventory iii. Determine inventory to order iv. Receive the inventory v. Request availability and prices Put these activities in the correct order.

Choose from the list below the best control activity to prevent accepting goods that were not ordered.