Question 1

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 2

Supervision in receiving is intended to reduce the theft of assets.

Accepted Answer

A) True 
 B)False

Question 3

Authorization for a cash disbursement occurs in the cash disbursement department upon receipt of the supplier's invoice.

Accepted Answer

A) True 
 B)False

Question 4

Copies of a purchase order are sent to all of the following except

Accepted Answer

A)  inventory control 
B)  receiving 
C)  general ledger 
D)  accounts payable 
A)  inventory control 
B)  receiving 
C)  general ledger 
D)  accounts payable

Question 5

The cash disbursement function is

Accepted Answer

A)  part of accounts payable 
B)  an independent accounting function 
C)  a treasury function 
D)  part of the general ledger department 
A)  part of accounts payable 
B)  an independent accounting function 
C)  a treasury function 
D)  part of the general ledger department

Question 6

The accounts payable clerk is responsible for updating the AP Control accounts to reflect each vendor liability.

Accepted Answer

A) True 
 B)False

Question 7

List specific jobs that should be segregated in the cash disbursements system.

Accepted Answer

general ledger from accounts p

Question 8

What is the purpose of a receiving report?

Accepted Answer

Upon completion of the physical count an

Question 9

The financial value of a purchase is determined by reviewing the

Accepted Answer

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

Question 10

A supplier invoice

Accepted Answer

A)  is included with the goods 
B)  shows what was ordered even if all was not shipped 
C)  is sent by vendor to accounts payable 
D)  none of the above 
A)  is included with the goods 
B)  shows what was ordered even if all was not shipped 
C)  is sent by vendor to accounts payable 
D)  none of the above

Question 11

Authorization of purchases in a merchandising firm occurs in the inventory control department.

Accepted Answer

A) True 
 B)False

Question 12

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 13

Describe an internal control procedure that would detect that a vendor overcharged for goods delivered.

Accepted Answer

Accounts payable should compare the pric

Question 14

The receiving department is not responsible to

Accepted Answer

A)  inspect shipments received 
B)  count items received from vendors 
C)  order goods from vendors 
D)  safeguard goods until they are transferred to the warehouse 
A)  inspect shipments received 
B)  count items received from vendors 
C)  order goods from vendors 
D)  safeguard goods until they are transferred to the warehouse

Question 15

The inventory procurement process begins with the purchasing clerk preparing a purchase order.

Accepted Answer

A) True 
 B)False

Question 16

What is a blind copy of a purchase order and what is its purpose?

Accepted Answer

A blind copy of the PO contains no quant

Question 17

Name the key tasks associated with purchases procedures.

Accepted Answer

Purchases procedures include t

Question 18

The blind copy of the purchase order that goes to the receiving department contains no item descriptions.

Accepted Answer

A) True 
 B)False

Question 19

What is an AP packet?

Accepted Answer

The AP packet consists of the

Question 20

In a voucher system,the sum of all unpaid vouchers in the voucher register equals the firm's total voucher payable balance.

Accepted Answer

A) True 
 B)False

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

Supervision in receiving is intended to reduce the theft of assets.

Authorization for a cash disbursement occurs in the cash disbursement department upon receipt of the supplier's invoice.

Copies of a purchase order are sent to all of the following except

The cash disbursement function is

The accounts payable clerk is responsible for updating the AP Control accounts to reflect each vendor liability.

List specific jobs that should be segregated in the cash disbursements system.

What is the purpose of a receiving report?

The financial value of a purchase is determined by reviewing the

A supplier invoice

Authorization of purchases in a merchandising firm occurs in the inventory control department.

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

Describe an internal control procedure that would detect that a vendor overcharged for goods delivered.

The receiving department is not responsible to

The inventory procurement process begins with the purchasing clerk preparing a purchase order.

What is a blind copy of a purchase order and what is its purpose?

Name the key tasks associated with purchases procedures.

The blind copy of the purchase order that goes to the receiving department contains no item descriptions.

What is an AP packet?

In a voucher system,the sum of all unpaid vouchers in the voucher register equals the firm's total voucher payable balance.

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

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 Part I: Sarbanes-Oxley and It Governance

IT Controls Part II: Security and Access

IT Controls Part III: Systems Development, program Changes, and Application Controls

Filters

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

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

Supervision in receiving is intended to reduce the theft of assets.

Authorization for a cash disbursement occurs in the cash disbursement department upon receipt of the supplier's invoice.

Copies of a purchase order are sent to all of the following except

The cash disbursement function is

The accounts payable clerk is responsible for updating the AP Control accounts to reflect each vendor liability.

List specific jobs that should be segregated in the cash disbursements system.

What is the purpose of a receiving report?

The financial value of a purchase is determined by reviewing the

A supplier invoice

Authorization of purchases in a merchandising firm occurs in the inventory control department.

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

Describe an internal control procedure that would detect that a vendor overcharged for goods delivered.

The receiving department is not responsible to

The inventory procurement process begins with the purchasing clerk preparing a purchase order.

What is a blind copy of a purchase order and what is its purpose?

Name the key tasks associated with purchases procedures.

The blind copy of the purchase order that goes to the receiving department contains no item descriptions.

What is an AP packet?

In a voucher system,the sum of all unpaid vouchers in the voucher register equals the firm's total voucher payable balance.

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

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 Part I: Sarbanes-Oxley and It Governance

IT Controls Part II: Security and Access

IT Controls Part III: Systems Development, program Changes, and Application Controls

Filters