Question 1

In merchandising firms,purchasing decisions are authorized by inventory control.

Accepted Answer

A) True 
 B)False

Question 2

What is the purpose of a receiving report? How are copies of the report distributed?

Accepted Answer

Upon of the physical count and inspectio

Question 3

All of the following departments have a copy of the purchase order except

Accepted Answer

A) the purchasing department 
B) the receiving department 
C) accounts payable 
D) general ledger 
A) the purchasing department 
B) the receiving department 
C) accounts payable 
D) general ledger

Question 4

In regards to the accounts payable department,which statement is not true?

Accepted Answer

A) The purchase requisition shows that the transaction was authorized. 
B) The purchase order proves that the purchase was required. 
C) The receiving report provides evidence of the physical receipt of the goods. 
D) The supplier's invoice indicates the financial value of the transaction. 
A) The purchase requisition shows that the transaction was authorized. 
B) The purchase order proves that the purchase was required. 
C) The receiving report provides evidence of the physical receipt of the goods. 
D) The supplier's invoice indicates the financial value of the transaction.

Question 5

The warehouse is responsible for updating the inventory subsidiary ledger.

Accepted Answer

A) True 
 B)False

Question 6

What documents are involved in a three-way match and what role does each play in this control?

Accepted Answer

The PO,which shows that the purchasing a

Question 7

Which internally generated document should be compared to the supplier's invoice to verify the quantity being billed for?

Accepted Answer

The answer of Which internally generated document should be compared...

Question 8

When a copy of the receiving report arrives in the purchasing department,it is used to

Accepted Answer

A) adjust perpetual inventory records 
B) record the physical transfer of inventory from receiving to the warehouse 
C) analyze the receiving department's process 
D) recognize the purchase order as closed 
A) adjust perpetual inventory records 
B) record the physical transfer of inventory from receiving to the warehouse 
C) analyze the receiving department's process 
D) recognize the purchase order as closed

Question 9

Discuss three specific physical controls to mitigate the risk of inaccurate record keeping.

Accepted Answer

transaction authorization - AP authorize

Question 10

Assuming the organization uses the perpetual inventory method,what general ledger journal entries are triggered by the purchases system? From which departments do these journal entries arise?

Accepted Answer

The answer of Assuming the organization uses the perpetual inventory...

Question 11

If a company uses a standard cost system,inventory records can be updated from the

Accepted Answer

A) vendor invoice 
B) purchase order 
C) receiving report 
D) purchase requisition 
A) vendor invoice 
B) purchase order 
C) receiving report 
D) purchase requisition

Question 12

In the expenditure cycle,general ledger does not

Accepted Answer

A) post the journal voucher from the accounts payable department 
B) post the account summary from inventory control 
C) post the journal voucher from the purchasing department 
D) reconcile the inventory control account with the inventory subsidiary summary 
A) post the journal voucher from the accounts payable department 
B) post the account summary from inventory control 
C) post the journal voucher from the purchasing department 
D) reconcile the inventory control account with the inventory subsidiary summary

Question 13

When a trading partner agreement is in place,the traditional three-way match may be eliminated.

Accepted Answer

A) True 
 B)False

Question 14

Because of time delays between receiving inventory and making the journal entry

Accepted Answer

A) liabilities are usually understated 
B) liabilities are usually overstated 
C) liabilities are usually correctly stated 
D) liabilities are not affected 
A) liabilities are usually understated 
B) liabilities are usually overstated 
C) liabilities are usually correctly stated 
D) liabilities are not affected

Question 15

List specific jobs that should be segregated to prevent misappropriation of cash and inventory.

Accepted Answer

cash disbursements,g

Question 16

Which document is least important in determining the financial value of a purchase?

Accepted Answer

A) purchase requisition 
B) purchase order 
C) receiving report 
D) supplier's invoice 
A) purchase requisition 
B) purchase order 
C) receiving report 
D) supplier's invoice

Question 17

Explain why supervision is so important in the receiving department.

Accepted Answer

Receiving departments are sometimes hect

Question 18

Why should the copy of a purchase order,which is sent to receiving,be a "blind" copy?

Accepted Answer

The blind copy force

Question 19

What is the purpose of the purchase requisition?

Accepted Answer

When inventories drop to a predetermined

Question 20

Name the key tasks associated with purchases procedures.

Accepted Answer

Purchases procedures include t

In merchandising firms,purchasing decisions are authorized by inventory control.

What is the purpose of a receiving report? How are copies of the report distributed?

All of the following departments have a copy of the purchase order except

In regards to the accounts payable department,which statement is not true?

The warehouse is responsible for updating the inventory subsidiary ledger.

What documents are involved in a three-way match and what role does each play in this control?

Which internally generated document should be compared to the supplier's invoice to verify the quantity being billed for?

When a copy of the receiving report arrives in the purchasing department,it is used to

Discuss three specific physical controls to mitigate the risk of inaccurate record keeping.

Assuming the organization uses the perpetual inventory method,what general ledger journal entries are triggered by the purchases system? From which departments do these journal entries arise?

If a company uses a standard cost system,inventory records can be updated from the

In the expenditure cycle,general ledger does not

When a trading partner agreement is in place,the traditional three-way match may be eliminated.

Because of time delays between receiving inventory and making the journal entry

List specific jobs that should be segregated to prevent misappropriation of cash and inventory.

Which document is least important in determining the financial value of a purchase?

Explain why supervision is so important in the receiving department.

Why should the copy of a purchase order,which is sent to receiving,be a "blind" copy?

What is the purpose of the purchase requisition?

Name the key tasks associated with purchases procedures.

The Information System: an Accountants Perspective

Introduction to Transaction Processing

Ethics,fraud,and Internal Control

The Revenue Cycle

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

The Conversion Cycle

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

Auditing It Controls Part I: Sarbanes-Oxley and It Governance

Auditing It Controls Part II: Security and Access

Auditing It Controls Part III: Systems Development, program Changes, and Application Auditing

Filters

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

In merchandising firms,purchasing decisions are authorized by inventory control.

What is the purpose of a receiving report? How are copies of the report distributed?

All of the following departments have a copy of the purchase order except

In regards to the accounts payable department,which statement is not true?

The warehouse is responsible for updating the inventory subsidiary ledger.

What documents are involved in a three-way match and what role does each play in this control?

Which internally generated document should be compared to the supplier's invoice to verify the quantity being billed for?

When a copy of the receiving report arrives in the purchasing department,it is used to

Discuss three specific physical controls to mitigate the risk of inaccurate record keeping.

Assuming the organization uses the perpetual inventory method,what general ledger journal entries are triggered by the purchases system? From which departments do these journal entries arise?

If a company uses a standard cost system,inventory records can be updated from the

In the expenditure cycle,general ledger does not

When a trading partner agreement is in place,the traditional three-way match may be eliminated.

Because of time delays between receiving inventory and making the journal entry

List specific jobs that should be segregated to prevent misappropriation of cash and inventory.

Which document is least important in determining the financial value of a purchase?

Explain why supervision is so important in the receiving department.

Why should the copy of a purchase order,which is sent to receiving,be a "blind" copy?

What is the purpose of the purchase requisition?

Name the key tasks associated with purchases procedures.

The Information System: an Accountants Perspective

Introduction to Transaction Processing

Ethics,fraud,and Internal Control

The Revenue Cycle

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

The Conversion Cycle

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

Auditing It Controls Part I: Sarbanes-Oxley and It Governance

Auditing It Controls Part II: Security and Access

Auditing It Controls Part III: Systems Development, program Changes, and Application Auditing

Filters