Exam 5: The Expenditure Cycle Part I: Purchases and Cash Disbursements Procedures

In a merchandising firm,authorization for the purchase of inventory is the responsibility of

Differentiate between a purchase requisition and a purchase order.

In a merchandising firm,authorization for the payment of inventory is the responsibility of

The purpose of the receiving report is to

What is the purpose of maintaining a valid vendor file?

What is the purpose of the purchase order?

Describe the five procedures that are performed on items that are due in the integrated cash disbursements system.

If accounts payable receives an invoice directly from the supplier,it needs to be reconciled with the purchase order and receiving report.

The purpose of the purchase requisition is to

The open purchase order file in the purchasing department is used to determine

A purchasing system that employs electronic data interchange does not use a purchase order.

The documents in a voucher packet include all of the following except

Of the following duties,it is most important to separate

Inventory control should be located in the warehouse.

When searching for unrecorded liabilities at the end of an accounting period,the accountant would search all of the files except

What function or department typically initiates a purchase in a merchandising business?

Describe four tasks the receiving computer application performs automatically in the integrated purchases processing system.

Which of the following tasks is not performed by the cash disbursement clerk?

Describe four tasks the purchases computer application performs automatically in the integrated purchases processing system.

When a cash disbursement in payment of an accounts payable is recorded