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Computer Based Accounting

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Quiz sobre Computer Based Accounting, criado por jixxxa92 em 13-01-2014.
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Quiz por jixxxa92, atualizado more than 1 year ago
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Criado por jixxxa92 quase 11 anos atrás
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Resumo de Recurso

Questão 1

Questão
The credit manager reports to the __________ and the treasurer reports to the __________.
Responda
  • controller; vice president of finance
  • treasurer; controller
  • marketing manager; vice president of finance
  • treasurer; vice president of finance

Questão 2

Questão
The revenue cycle is a recurring set of business activities and related information processing operations associated with providing goods and services to customers and collecting cash in payment for those sales. With whom is the primary external exchange of information?
Responda
  • competitors
  • creditors
  • customers
  • marketing organization

Questão 3

Questão
What is the primary objective of the revenue cycle?
Responda
  • to maximize revenue and minimize expense
  • to reduce outstanding accounts receivable balances through increased cash sales
  • to provide the right product in the right place at the right time at the right price
  • to sell as much product as possible and/or to maximize service billings

Questão 4

Questão
To accomplish the objectives set forth in the revenue cycle, a number of key management decisions must be addressed. Which of the decisions below is not ordinarily found as part of the revenue cycle?
Responda
  • What credit terms should be offered?
  • How often should accounts receivable be subjected to audit?
  • How can customer payments be processed to m aximize cash flows?
  • What are the optimal prices for each product or service?

Questão 5

Questão
Which of the activities listed below is not part of the revenue cycle?
Responda
  • sales order entry
  • shipping
  • receiving
  • billing

Questão 6

Questão
In addition to the sales order entry process there are three other processes in the revenue cycle. Which of the following is not one of them?
Responda
  • shipping
  • billing
  • general ledger
  • cash collections

Questão 7

Questão
One way to improve sales order entry efficiency is by allowing customers to enter sales order data themselves. This can be accomplished for both in-store, mail order, and Web site sales. Such interactive sales order entry systems are referred to as
Responda
  • bulletin boards
  • smorgasbords
  • catalogue boards
  • choiceboards

Questão 8

Questão
One way to improve sales order entry efficiency is by allowing customers to enter sales order data themselves. For example, retail stores would send their orders directly to a sales order system in a format that would eliminate the need for data entry. This could be achieved using
Responda
  • VMI
  • EDI
  • POS
  • VAN

Questão 9

Questão
Matching customer accounts and inventory item numbers to the information in the customer and inventory master files is an example of a
Responda
  • completeness test
  • field check
  • reasonabless test
  • validity check

Questão 10

Questão
During the sales order entry process, a __________ is performed to compare the quantity ordered with the standard amounts normally ordered
Responda
  • completeness test
  • redundant data check
  • field check
  • reasonableness test

Questão 11

Questão
During the sales order entry process, a __________ is performed to verify that each transaction record contains all appropriate data items.
Responda
  • completeness test
  • redunddant data check
  • field check
  • reasonableness test

Questão 12

Questão
A number of edit checks should be performed to ensure that all of the data required to process an order have been collected and accurately recorded. The edit check that compares a quantity being ordered to past history for that item and customer is called
Responda
  • a validity check
  • a reasonableness test
  • a completeness test
  • a limit check

Questão 13

Questão
In the revenue cycle, a customer places an order for a certain product. Before the order is checked for inventory availability, what step should be taken?
Responda
  • The customer's credit should be checked for a sale on account.
  • The sales order should be created and written to a file.
  • Shipping should be notified of an order in process.
  • A picking list should be generated for the warehouse.

Questão 14

Questão
How is credit approval generally handled for well-established customers with a documented payment history?
Responda
  • specific authorization by the credit manager
  • routine approval is usually granted
  • a new credit application is taken
  • a formal credit check is made for each sale

Questão 15

Questão
The maximum allowable account balance for a given customer is called the
Responda
  • credit checkpoint
  • credit limit
  • reorder point
  • backorder point

Questão 16

Questão
What is the normal procedure for new customers or customers making a purchase that causes their credit limit to be exceeded?
Responda
  • routine approval is granted without authorization
  • specific approval must be granted by the credit manager
  • reject the sale in either case without question
  • check the credit bureau for a credit rating on the customer

Questão 17

Questão
Why should inventory quantities on hand be checked before a sale is actually made?
Responda
  • to inform the costumer about availibility and delivery times
  • to know which items must be back ordered
  • to inform inventory control of mistakes in the inventory records
  • A and B above

Questão 18

Questão
Mucho Regalia manufactures clothing items. When an inventory item that is not in stock has been ordered by a customer, a back order is sent to the
Responda
  • production department
  • purchasing department
  • billing department
  • A and B above

Questão 19

Questão
Customer inquiries during the sales order process are best handled by
Responda
  • a sales order and customer service person
  • accounting personnel
  • the credit manager
  • A and C Above

Questão 20

Questão
Responding to customer inquiries and general customer service is an important aspect in the revenue cycle. Since customer service is so important, software programs have been created to help manage this function. These special software packages are called
Responda
  • EDI systems
  • POS systems
  • VMI systems
  • CRM systems

Questão 21

Questão
Another essential part of the revenue cycle is filling customer orders and shipping merchandise to customers. Automating warehouse systems cut costs, improve efficiency, and enable more customer-responsive shipments. The essential element(s) required for an automated perpetual inventory system consist(s) of
Responda
  • conveyor belts and forklifts
  • conveyor belts and forklifts equipped with RFDC
  • conveyor belts
  • bar-code scanners

Questão 22

Questão
Once a customer order has been approved, which document is produced next?
Responda
  • the sales invoice
  • the packing slip
  • the remittance advice
  • the purchase order

Questão 23

Questão
In a shipping department, a __________ is a legal contract that defines responsibility for goods that are in transit.
Responda
  • packing slip
  • bill of lading
  • picking list
  • back order

Questão 24

Questão
The __________ is a legal contract that defines responsibility for the goods that are in transit.
Responda
  • bill of lading
  • freight bill
  • sales order
  • order acknowledgement

Questão 25

Questão
Two documents usually accompany goods sent from the vendor to the customer. What are these two documents?
Responda
  • a bill of lading and an invoice
  • a packing slip and a bill of lading
  • an invoice and a packing slip
  • an invoice and a sales order

Questão 26

Questão
For a given order, assume that goods have been picked for shipment and the items and quantities have been entered into the system. Which system update below is not triggered by these actions?
Responda
  • any back orders are initiated
  • inventory quantities are updated
  • the customer accounts receivable is posted
  • shipping document s such as the bill of lading are produced

Questão 27

Questão
The third basic activity in the revenue cycle involves billing customers and maintaining accounts receivable. What is the basic document created in the billing process?
Responda
  • the bill of lading
  • the purchase order
  • the packing list
  • the sales invoice

Questão 28

Questão
A company uses an invoice method whereby customers typically pay according to each invoice. This is the __________ method.
Responda
  • monthly statement
  • open-invoice
  • balance forward
  • cycle billing

Questão 29

Questão
A type of accounts receivable system that matches specific invoices and payments from the customer is called a(n) __________ system.
Responda
  • closed invoice
  • balance forward
  • cycle billing
  • open invoice

Questão 30

Questão
A customer returns a document along with cash payment. The document identifies the source and the amount of the cash payment. It is called a
Responda
  • remittance advice
  • remittance list
  • credit memorandum
  • debit memorandum

Questão 31

Questão
With a(n) __________ system, customers pay according to the amount showing on their monthly statement and payments are simply applied against the total account balance.
Responda
  • closed invoice
  • open invoice
  • balance forward
  • invoice forward

Questão 32

Questão
In billing systems, the __________ is sent to the customer that summarizes all transactions occurring during a given period of time and it indicates the amount due.
Responda
  • remittance list
  • monthly statement
  • invoice
  • aging report

Questão 33

Questão
When a customer pays off the balance on an invoice, the transaction is credited to the __________ file.
Responda
  • customer master
  • sales transaction
  • cash receipts
  • All of the above are correct

Questão 34

Questão
A type of business document in which part of the original document is returned to the source for further processing is called a __________ document.
Responda
  • feedback
  • returnable
  • closed-loop
  • turnaround

Questão 35

Questão
A __________ system spreads out the monthly statements to customers over the entire month with the idea being that the processing load and cash flow will be more even.
Responda
  • closed invoice
  • open invoice
  • cycle billing
  • balance forward

Questão 36

Questão
The last step in the revenue cycle is cash collections. The accounts receivable department must know when customers pay their invoices, yet segregation of duty controls dictate that the collection and recording functions be kept separate from each other. What is a solution to this potential internal control problem?
Responda
  • have customers send a remittance advice with their payment
  • have mailroom personnel prepare a remittance list which can be forwarded to accounts receivable
  • establish a lockbox arrangement with a bank
  • all of the above

Questão 37

Questão
The benefits of a cash lockbox system are maximized when
Responda
  • the bank is located close to the company.
  • several banks around the country are used.
  • only one bank is designated.
  • EFT is used.

Questão 38

Questão
A system where the bank electronically notifies a company about customers' remittances received through the postal system is known an
Responda
  • e-cash system.
  • electronic lockbox.
  • electronic funds transfer (EFT).
  • electronic data interchange (EDI).

Questão 39

Questão
When customers send their remittances electronically to the company's bank, this is called
Responda
  • FEDI
  • EFT
  • to use procurement cards
  • an electronic lockbox

Questão 40

Questão
Key differences exist when an integrated Enterprise Resource Planning system (ERP) replaces an existing AIS or legacy system. For example, __________ are more accurate and timely, enabling sales order entry staff to provide customers more accurate information about delivery dates
Responda
  • inventory records
  • cash receipts
  • credit approval decisions
  • exceptions reports

Questão 41

Questão
Automating the cash collection process is a desirable goal of the organization. A way to incorporate the advantages of EDI with the electronic funds transfer process is
Responda
  • FEDI.
  • EFT
  • to use procurement cards
  • an electronic lockbox

Questão 42

Questão
When an ERP is used, it is assumed that there will be increases in efficiency and the effectiveness of the activities related to the revenue cycle. However, what must be inplace and functioning well to fully realize these benefits?
Responda
  • an effective marketing staff
  • all the components of the expenditure cycle
  • adequate controls
  • adequate system flowchart documentation

Questão 43

Questão
Well designed AIS controls must ensure that all transactions are authorized, valid, and properly recorded. In addition, there are three other AIS objectives. Which is notan AIS objective?
Responda
  • transactions are recorded accuratel
  • transactions are matched into the proper time period
  • assets are safeguarded from loss or theft
  • business activities are performed efficiently and effectively

Questão 44

Questão
The activities involved in soliciting and processing customer orders within the revenue cycle are known as the __________.
Responda
  • sales order entry process
  • shipping order process
  • revenue process
  • marketing process

Questão 45

Questão
To ensure proper separation of duties the __________ makes decisions concerning issuance of credit memos.
Responda
  • accounts receivable supervisor
  • warehouse manager
  • credit manager
  • cashier

Questão 46

Questão
It has been discovered that credit sales have been made to customers with a poor credit rating. If this activity continues, the company may face uncollectible sales and losses due to bad debts. What applicable control procedure may help the c ompany to gain control over this situation?
Responda
  • separation of shipping and billing duties
  • credit approval by a credit manager and not marketing personnel
  • data entry application controls
  • price lists

Questão 47

Questão
Consider the following revenue cycle scenario: The company has been exposed to customer dissatisfaction and the suggested control procedure to be implemented is toinstall and use bar-code scanners. What is the threat?
Responda
  • The company may be shipping the wrong merchandise
  • The company may be shipping the wrong quantities of merchandise.
  • The company may be shipping orders to the wrong address.
  • All of the above threats may apply to this scenario.

Questão 48

Questão
Which of the following would be the least effective control to minimize the loss of inventory?
Responda
  • secure the storage location of inventory
  • release inventory only with proper documentation
  • periodically back up all perpetual inventory records
  • reconcile the physical and book inventories

Questão 49

Questão
One applicable control procedure is to separate the shipping and billing functions within an organization. This control feature is designed to neutralize the threat of
Responda
  • the failure to bill customers
  • billing errors
  • loss of data
  • poor performance

Questão 50

Questão
A company fails to bill customers due to a lack of controls. The exposure the company faces is
Responda
  • customer dissatisfaction.
  • an overstated accounts receivable balance
  • a loss of inventory and revenue.
  • uncollectible sales and losses due to bad debts

Questão 51

Questão
All of the following edit checks for online editing of accounts receivable transactions would probably be included except
Responda
  • validity checks on customer and invoice numbers
  • check digit verification on the amount of the sale
  • closed loop verification on the customer name to ensure the proper account is being updated.
  • field checks on the values in dollar fields

Questão 52

Questão
When a proper segregation of duties exists in the area of handling cash receipts, the __________, who reports to the __________, actually handles the cash and is not the same person who posts cash receipts to customer accounts.
Responda
  • cashier; treasurer
  • cashier; controller
  • accountant; treasurer
  • accountant; controller

Questão 53

Questão
In a cash collection system with proper controls, the __________ function, responsible to the __________, is separate and distinct from the cash handling activities.
Responda
  • accounts receivable; treasurer
  • accounts receivable; controller
  • cashier; controller
  • cashier; treasurer

Questão 54

Questão
A serious exposure for an organization that is connected with the revenue cycle is the loss of assets. What is the related threat and applicable control procedure association with this exposure?
Responda
  • shipping errors; reconciliation of sales order with picking ticket and packing slip
  • theft of cash; segregation of duties and minimization of cash handling
  • loss of data; backup and recovery procedures
  • poor performance; preparation and review of performance reports

Questão 55

Questão
Which of the following duties could be performed by the same individual and not violate segregation of duty controls?
Responda
  • handling cash and posting to customer accounts
  • issuing credit memos and maintaining customer accounts
  • handling cash and authorizing credit memos
  • handling cash receipts and mailing vendor payments

Questão 56

Questão
To prevent the loss of valuable data in the revenue cycle, internal file labels can be used to
Responda
  • keep competitors from accessing files.
  • record off - site storage locations.
  • organize the on - site physical storage site.
  • reduce the possibility of erasing important files.

Questão 57

Questão
In the shipping area of the company, the __________ is used to obtain the goods from the warehouse facility and prepare them for shipment to the customer.
Responda
  • picking ticket
  • packing slip
  • bill of lading
  • invoice

Questão 58

Questão
Many Internet retailers allow customers to customize products by presenting them with various alternative options. These interactive sales order entry systems are called
Responda
  • choiceboards
  • orderboards
  • optionboards
  • waterboards

Questão 59

Questão
The Squishy Things Toy Company was established in 1948. It sells to retail toy stores all over the country. Until recently, the family - run business had resisted changing its sales order entry system, which involves telephone calls from outside sales people and paper documents. A simple way for the firm to increase the efficiency of this system is
Responda
  • vendor-managed inventory
  • sales force automation.
  • computer-data interchange.
  • optical character recognition

Questão 60

Questão
The Squishy Things Toy Company was established in 1948. It recently signed a large contract with a chain of retail toy stores. As a condition of the contract, the Squishy will be required to track and forecast product sales by linking in to the chain's sales database. Squishy will then be responsible for shipping products to the chain's regional warehouses as needed. The relationship between Squishy and the chain is a
Responda
  • vendor - managed inventory
  • sales force automation.
  • electronic data interchange.
  • optical character recognition

Questão 61

Questão
The Squishy Things Toy Company was established in 1948. It recently signed a large contract with a chain of retail toy stores. As a condition of the contract, the Squishy will be required to track and forecast product sales by linking in to the chain's sales database. Squishy will then be responsible for shipping products to the chain's regional warehouses as needed. The technology that is used for communication between Squishy and the chain is
Responda
  • vendor-managed inventory
  • sales force automatio
  • electronic data interchang
  • optical character recognitio

Questão 62

Questão
Sad Clown Pajamas is an Internet-based wholesaler. Customers enter their orders online. The manager of Callow Youth Clothing was entering an order when the following error message popped up: Did you mean to enter a quantity of 1000 for your order? This message is the result of a
Responda
  • validity check.
  • reasonableness test
  • limit check
  • completeness test

Questão 63

Questão
Sad Clown Pajamas is an Internet-based wholesaler. Customers enter their orders online. The manager of Callow Youth Clothing was entering and order when the following error message popped up: Please enter your email address. This message isthe result of a
Responda
  • validity check
  • reasonableness test
  • limit check
  • completeness test

Questão 64

Questão
Sad Clown Pajamas is an Internet-based wholesaler. Customers enter their orders online. The manager of Callow Youth Clothing was entering and order when the following error message popped up: Your total order exceeds your available credit. Please contact our Credit Department. This message is the result of a
Responda
  • validity checkl
  • reasonableness test
  • limit check
  • completeness test

Questão 65

Questão
In Petaluma, California, electric power is provided to consumers by the Power To The People Electrical Company, a local co-op. Each month PTTP mails bills to 70,000 households and then processes payments as they are received. The customers are provided with a remittance advice, which is a
Responda
  • warning that failure to pay by the due date will result in a late charge
  • confirmation of the firm's privacy policy.
  • turnaround document
  • bill

Questão 66

Questão
Which of the following is an example of a wireless technology used to increase the efficiency of picking and packing products for shipment?
Responda
  • Bar codes
  • RFID
  • OCR
  • laser scans

Questão 67

Questão
Laz Chance wears roller blades and headpho nes when he is at work at the Squishy Things Toy Company. He is a product packer. The headphones give him computer-generated instructions so he knows the location of each item and quantity that should be included in the order. These instructions are the equivalent of a
Responda
  • picking ticket
  • bill of landing
  • packing slip
  • remittance advice
  • credit memo

Questão 68

Questão
Laz Chance wears roller blades and headphones when he is at work at the Squishy Things Toy Company. He is a product packer. The headphones give him computer-generated instructions so he knows the location of each item and quantity that should be included in the order. He encloses a paper form in the box when the order is complete. The form is called a
Responda
  • picking ticket
  • bill of landing
  • packing slip
  • remittance advice
  • credit memo

Questão 69

Questão
The shipping department at Squishy Things Toy Company follows policies that determine which carrier will deliver orders according to the size, weight, and destination of the shipment. It maintains standing agreements with shippers that specify legal responsibility for the shipment while it is in transit. The terms of the agreements define an order's
Responda
  • pciking ticket
  • bill of landing
  • packing slip
  • remittance advice
  • credit memo

Questão 70

Questão
Sad Clown Pajamas is an Internet-based wholesaler. The manager of Callow Youth Clothing received an order from Sad Clown and found that the wrong product had been shipped. He repackaged the order and sent it back for a refund. When it was received, he received a
Responda
  • picking ticket
  • bill of landing
  • packing slip
  • remittance advice
  • credit memo

Questão 71

Questão
Sad Clown Pajamas is an Internet-based wholesaler. The customer account manager at Sad Clown received a call from the manager at Callow Youth Clothing. The firm was entering bankruptcy liquidation and it was unlikely that they would be able to pay the outstanding balance on their account. The account manager decided to write off the account, so he issued a
Responda
  • picking ticket
  • bill of landing
  • packing slip
  • remittance advice
  • credit memo

Questão 72

Questão
Because it is the most fungible of all assets, the management of cash has always been the most difficult of all control issues. The most important of cash controls is
Responda
  • minimization of cash handlin
  • lockbox arrangement
  • segregation of duties
  • frequent reconciliation of record

Questão 73

Questão
A sales clerk at an electronics store scanned the bar code for a low cost set of headphones and then substituted a high cost set of headphones for his friend, who paid the lower price. Which of the following controls would help to prevent this sort of fraud?
Responda
  • RFID
  • Physical inventory checking
  • Segregation of dutie
  • An electronic lockbox

Questão 74

Questão
Using the _______ method, customers typically pay a sales invoice that reflects a single transaction, referred to as a _______
Responda
  • open invoice; monthly statement
  • open invoice; remittance advice
  • balance-forward; monthly statemen
  • balance-forward; remittance advic

Questão 75

Questão
Using the _______ method of maintaining accounts receivable, customers typically pay a sales invoice that lists all transactions during a given time period represented, referred to as a _______.
Responda
  • openinvoice; monthly statement
  • open invoice; remittance advice
  • balance-forward; monthly statement
  • balance-forward; remittance advice

Questão 76

Questão
Which of the following poses an internal control problem?
Responda
  • Credit memos are approved by the Sales Manag
  • Disbursements of cash are approved by the Finance Manage
  • Raw material deliveries are compared with the relevant purchase orders clerks in the Shipping and Receiving Department
  • Bank accounts are reconciled by the Finance Departmen

Questão 77

Questão
Which of the following poses an internal control problem?
Responda
  • Physical inspection of inventory quantity and condition is outsourced to a firm that specializes in this service.
  • Products are released from inventory after a warehouse employee and a shipping clerk sign the pick list.
  • Sales representatives set up new customer accounts and determine their credit limits
  • When payments are received, they are sent to the cashier’s office and remittance data are sent to the accounts receivable department

Questão 78

Questão
In the expenditure cycle, the primary external exchange of information occurs with
Responda
  • customers
  • suppliers
  • management
  • the audit committee

Questão 79

Questão
Within the expenditure cycle, internal information flows
Responda
  • from the production cycle to the expenditure cycle.
  • from the revenue cycle to the expenditure cycle.
  • to the general ledger from the expenditure cycle.
  • All of the above are correct.

Questão 80

Questão
To accomplish the objectives set forth in the expenditure cycle, a number of key management decisions must be addressed. Which of the decisions below is not ordinarily found as part of the expenditure cycle?
Responda
  • How can cash payments to vendors be managed to maximize cash flow?
  • What is the optimal level of inventory and supplies to carry on hand?
  • Where should inventories and supplies be held?
  • What are the optimal prices for each product or service?

Questão 81

Questão
There are three basic activities in the expenditure cycle. One of the basic activities is the receiving and storage of goods, supplies, and services. What is the counterpart of this activity in the revenue cycle?
Responda
  • the sales order entry process
  • the shipping function
  • the cash collection activity
  • he cash payments activity

Questão 82

Questão
The first major business activity in the expenditure cycle is ordering inventory and supplies. The traditional approach to management of inventory to ensure sufficient inventory to maintain production is known as
Responda
  • safety stock
  • just-in-time production
  • economic order quantity
  • optimal inventory quantity

Questão 83

Questão
EOQ includes several variables that must be taken into consideration when calculating the optimal order size. One variable, the costs associated with holding inventory, is referred to as
Responda
  • ordering costs
  • carrying costs
  • the reorder point
  • stockout costs

Questão 84

Questão
The decision of when to place an order in a traditional inventory system is specified by the
Responda
  • company inventory policies.
  • economic order quantity.
  • stockout point.
  • reorder point.

Questão 85

Questão
When goods are being ordered from a vendor, which electronic files are either read or updated?
Responda
  • inventory, vendors, and accounts payable
  • vendors and accounts payable
  • open purchase orders and accounts payable
  • inventory, vendors, and open purchase orders

Questão 86

Questão
One alternative approach to managing inventory is materials requirements planning (MRP). What is a key feature of this approach?
Responda
  • to minimize or entirely eliminate carrying and stockout costs
  • to reduce required inventory levels by scheduling production rather than estimating needs
  • to determine the optimal reorder point
  • to determine the optimal order size

Questão 87

Questão
The major advantage of an MRP inventory system is that it reduces inventory levels. This is because
Responda
  • the uncertainty about when materials are needed is reduced, thus reducing the need to carry large levels of inventory.
  • the system is able to compute exactly the cost of purchasing by taking into account all costs associated with inventory carrying.
  • inventory is brought to the production site exactly when needed and in the correct quantities by the vendor.
  • None of the above are correct.

Questão 88

Questão
The inventory management approach that attempts to minimize, if not eliminate, carrying and stockout costs is
Responda
  • the materials requirements planning.
  • the economic order quantity.
  • a just-in-time inventory system.
  • There is no such inventory management approach.

Questão 89

Questão
What aspect below best characterizes a JIT inventory system?
Responda
  • frequent deliveries of smaller quantities of items to the work centers
  • frequent deliveries of large quantities to be held at the work centers
  • less frequent deliveries of large quantities of goods to central receiving
  • infrequent bulk deliveries of items directly to work centers

Questão 90

Questão
What is the key difference between the MRP and JIT inventory management approaches?
Responda
  • Only JIT reduces costs and improves efficiency.
  • MRP is especially useful for products such as fashion apparel.
  • JIT is more effectively used with products that have predictable patterns of demand.
  • MRP schedules production to meet estimated sales needs; JIT schedules production to meet customer demands.

Questão 91

Questão
MRP will be a preferred method over JIT when the
Responda
  • demand for inventory is fairly predictable.
  • demand for inventory is mostly unpredictable.
  • product has a short life cycle.
  • None of the above are correct.

Questão 92

Questão
A key decision in ordering is selecting a suitable vendor. Which of the following would not be a major criterion in vendor selection?
Responda
  • prices of goods
  • quality of goods
  • credit rating of the vendor
  • ability to deliver on time

Questão 93

Questão
Once a vendor is selected for a product, the company's identity is recorded in the
Responda
  • general ledger
  • purchase requisition file
  • product inventory transaction file
  • product inventory master record

Questão 94

Questão
The paper document or electronic form that formally requests a supplier to sell and deliver specified products at designated prices is called
Responda
  • a purchase order
  • a materials requisition
  • a sales invoice
  • a receiving report

Questão 95

Questão
A purchase order is
Responda
  • a document formally requesting a vendor to sell a certain product at a certain price.
  • a request for delivery of certain items and quantities.
  • a contract between the buyer and vendor once accepted by the vendor.
  • All of the above are true.

Questão 96

Questão
A standing order to purchase specified items at a designated price, from a particular supplier for a set period of time, is called a
Responda
  • set order.
  • blanket purchase order.
  • purchase order.
  • commodity order.

Questão 97

Questão
A major cost in the purchasing function is the number of purchase orders processed. One technique that may reduce purchasing-related expenses is to have suppliers compete with each other to meet demand at the lowest price. This name of this technique is
Responda
  • an EDI auction.
  • a trading exchange.
  • a reverse auction.
  • a supplier consortium

Questão 98

Questão
The receiving department has two major responsibilities in connection with the expenditure cycle. Identify one of these responsibilities.
Responda
  • shipping products most efficiently and at the lowest cost
  • deciding if the delivery should be accepted
  • verifying any purchase discounts for the delivery
  • deciding on the location where the delivery will be stored until used

Questão 99

Questão
Which of the following is generally not shown on a receiving report?
Responda
  • price of the items
  • quantity of the items
  • purchase order number
  • counted and inspected by

Questão 100

Questão
A receiving clerk notes that a delivery of 10 units has been received, but the purchase order specified 12 units. A debit memo will be prepared to adjust for the difference in the quantity ordered and received. Who should prepare this document?
Responda
  • the receiving clerk
  • management
  • the sales department
  • the purchasing department

Questão 101

Questão
Identify which of the following scenarios the buyer could adjust by using a debit memo document.
Responda
  • quantity different from that ordered
  • damage to the goods
  • goods that fail inspection for quality
  • All of the above are possible scenarios.

Questão 102

Questão
What is one of the best ways to improve the overall efficiency and effectiveness of the receipt and storage of ordered items?
Responda
  • requiring all suppliers to have a second party verify quantities purchased before shipment
  • requiring all suppliers to have bar-codes on their items to allow electronic scanning upon delivery by the receiving department
  • requiring all suppliers to use EDI to expedite the receiving department function
  • requiring all delivery trucks to have satellite data terminals to expedite the receiving department function

Questão 103

Questão
All of the following technologies could be useful aids in the receiving process except
Responda
  • bar coding.
  • radio frequency identification tags.
  • EFT.
  • satellite technology.

Questão 104

Questão
Vendor invoices are approved by the __________, which reports to the __________.
Responda
  • purchasing department; controller
  • accounts payable department; treasurer
  • purchasing department; treasurer
  • accounts payable department; controller

Questão 105

Questão
From a legal standpoint, when does the obligation to pay a vendor arise?
Responda
  • when the goods are requisitioned
  • when the goods are ordered
  • when the goods are received by the purchaser
  • when the goods are billed

Questão 106

Questão
The disbursement voucher and supporting documents are sent to the __________ for payment prior to the due date.
Responda
  • cashier
  • treasurer
  • controller
  • accounts payable department

Questão 107

Questão
A __________ system is a system in which an approved invoice is posted to the vendor account and is stored in an open invoice file until payment is made by check.
Responda
  • voucher
  • nonvoucher
  • cycle
  • blanket invoice

Questão 108

Questão
A disbursement voucher contains
Responda
  • a list of outstanding invoices.
  • the net payment amount after deducting applicable discounts and allowances.
  • the general ledger accounts to be debited.
  • All of the above are correct.

Questão 109

Questão
A legal obligation arises at the time goods are received from a supplier. The objective of accounts payable is to authorize payment only for goods or services actually ordered and received. The best way to process supplier invoices is to use
Responda
  • electronic funds transfer for small, occasional purchases from suppliers.
  • a nonvoucher system.
  • EDI for all small, occasional purchases from suppliers.
  • a disbursement voucher system.

Questão 110

Questão
What is not an advantage to using disbursement vouchers?
Responda
  • Disbursement vouchers reduce the number of checks written.
  • Disbursement vouchers can be prenumbered which simplifies the tracking of all payables.
  • Disbursement vouchers facilitate separating the time of invoice approval from the time of invoice payment.
  • There are no disadvantages to using disbursement vouchers.

Questão 111

Questão
Which of the following is not an advantage of a voucher system?
Responda
  • several invoices may be included on one voucher, reducing the number of checks
  • disbursement vouchers may be pre-numbered and tracked through the system
  • the time of voucher approval and payment can be kept separate
  • it is a less expensive and easier system to administer than other systems

Questão 112

Questão
What is the final activity in the expenditure cycle?
Responda
  • ordering goods.
  • receipt and storage of goods
  • approving vendor invoices for payment
  • the payment of approved invoices

Questão 113

Questão
In a typical cash disbursement procedure, who usually handles the checks and may even be able to sign checks up to a certain dollar limit?
Responda
  • the accounts payable supervisor
  • the controller
  • the cashier
  • the treasurer

Questão 114

Questão
Duties in the expenditure cycle should be properly segregated to promote internal control. This means that the authorization function is performed by __________, the recording function is performed by __________, and the cash disbursement function is performed by the __________
Responda
  • accounts payable; purchasing; cashier
  • purchasing; accounts payable; cashier
  • purchasing; cashier; accounts payable
  • purchasing; accounts payable; treasurer

Questão 115

Questão
A voucher package should include
Responda
  • a purchase requisition, vendor invoice, and receiving report
  • a purchase order, vendor invoice, and receiving report.
  • a purchase requisition, purchase order, and receiving report
  • a bill of lading and vendor invoice.

Questão 116

Questão
The evaluated receipt settlement (ERS) replaces the more traditional 3-way matching process with a 2-way match of the purchase order and the
Responda
  • vendor invoice
  • sales invoice
  • receiving report
  • disbursement voucher

Questão 117

Questão
What may be the biggest opportunity to improve the efficiency of accounts payable?
Responda
  • convert a manual AIS system to EDI and EFT
  • streamline noninventory purchases
  • use ERS
  • use disbursement vouchers

Questão 118

Questão
When purchasing miscellaneous supplies, companies can reduce costs, improve efficiency, and combat employee fraud by using
Responda
  • procurement cards
  • a JIT inventor< system
  • credit cards
  • debit cards

Questão 119

Questão
If available, a 1% discount for payment within 10 days instead of 30 days represents an approximate savings of __________ % annually.
Responda
  • 1
  • 12
  • 18
  • 36

Questão 120

Questão
When a legacy system is replaced with an integrated Enterprise Resource Planning (ERP) system, many benefits are realized for the organization. What is a key improvement in the record keeping function?
Responda
  • Any department can now submit a request to purchase items.
  • The system tracks the exact time of delivery
  • Major suppliers send electronic notification of incoming deliveries
  • Inventory records are more accurate and timely

Questão 121

Questão
The threat of paying prices that are too high for goods ordered can pose a problem in the expenditure cycle. What is an appropriate control that would be applicable to help mitigate this threat?
Responda
  • require the receiving department to verify the existence of a valid purchase order
  • use only approved suppliers and solicit competitive bids
  • only pay invoices that are supported by the original voucher package
  • use bar-code technology

Questão 122

Questão
What is probably the most effective control for the prevention of kickbacks to purchasing agents?
Responda
  • purchasing from approved vendors
  • good supervision in the purchasing area
  • a corporate policy to prohibit purchasing agents from accepting kickbacks
  • reviews of vendor performance

Questão 123

Questão
There are several threats that are associated with the process and activity of receiving and storing goods. Identify one of these threats below.
Responda
  • error is counting
  • kickbacks
  • requests for unnecessary items
  • errors in vendor invoices

Questão 124

Questão
What is the easiest way to prevent the acceptance of unordered goods
Responda
  • order only from approved vendo
  • always require that a valid purchase order exists before goods can be accepted at the time of deliver
  • have an appropriate conflict of interest policy in pla
  • require receiving personnel to call the vendor before accepting any goo

Questão 125

Questão
Which of the following is not a common control for ensuring inventory is secure and inventory counts are accurate
Responda
  • control of physical access to the inventory storage areas
  • transfers of inventory with proper documentation
  • sending "blind" copies of purchase orders to inventory control for data entry
  • making physical counts of inventory at least once per year

Questão 126

Questão
Double-checking the accuracy of an invoice is an applicable control that can help to neutralize a threat in the expenditure cycle. What process or activity would specifically be associated with this control
Responda
  • order goods
  • receive and store goods
  • pay for goods and services
  • general issues

Questão 127

Questão
There is a threat of paying an invoice twice. What is an applicable control that may help mitigate this threat?
Responda
  • payment should never be authorized for a photocopy of an invoice
  • double-check invoice accura
  • approval of a purchase ord
  • adequate perpetual inventory records

Questão 128

Questão
Which control would be best to prevent payments made to fictitious vendors?
Responda
  • allow payments only to approved vend
  • restrict access to any payment or approval documents
  • have an independent bank reconcilia
  • make sure all documents are in order before approving paym

Questão 129

Questão
In the expenditure cycle, good control dictates that expenditures should be paid by check. This may not be feasible when minor purchases are made. To facilitate quick payment for minor purchases, a(n) __________ should be set up and maintained using __________.
Responda
  • special bank account; disbursement vouch
  • imprest fund; vouche
  • cash box; small denomination bi
  • petty cash fund; procurement cards

Questão 130

Questão
A surprise count of petty cash by the auditor should find the total of __________ equal to the amount authorized for the fund.
Responda
  • cash and credit memos
  • cash and petty cash vouchers
  • cash
  • cash and checks

Questão 131

Questão
Special care should be taken when EFT payments are made to vendors. What control should be put in place that assigns responsibility for EFT payments?
Responda
  • encrypt all EFT transmissions
  • time stamp all EFT transactions
  • establish a control group to monitor EFT transactions for validity and accu
  • number all EFT transaction

Questão 132

Questão
Which of the following threats is not specific to the purchase requisition process of the expenditure cycle?
Responda
  • stockouts
  • purchaising from unauthorized vendors
  • requisitioning goods not neede
  • All of the above are threats in the purchase requisition process

Questão 133

Questão
There is a symmetrical interdependence between a firm’s expenditure cycle and its supplier´s
Responda
  • production cycle
  • revenue cycle
  • expenditure cycle
  • general ledger and reporting system

Questão 134

Questão
There is a symmetrical interdependence between a firm’s revenue cycle and its customers’
Responda
  • production cycle
  • revenue cycle
  • expenditure cycle
  • general ledger

Questão 135

Questão
Inbound logistics is part of the
Responda
  • revenue cycle
  • expenditure cycle
  • production cycle
  • general ledger

Questão 136

Questão
The management at Sad Clown Pajamas, an Internet-based wholesaler, is considering a new inventory control system. The current system is ina dequate because it results in stockouts that interrupt production and excess stocks of some materials that result in markdowns and high carrying costs. The new system, which will focus on ensuring that the amounts purchased minimize these costs, will employ
Responda
  • a just-in-time inventory system
  • the economic order quantity
  • a recorder point
  • materials requirements planning

Questão 137

Questão
The management at Sad Clown Pajamas, an Internet-based wholesaler, is considering a new inventory control system. The current system is inadequate because it results in stockouts that interrupt production and excess stocks of some materials that result in markdowns and high carrying costs. The new system, which will focus on ensuring that orders are placed with sufficient lead time to prevent stockouts, will employ
Responda
  • a just-in-time inventory< system
  • the economic order quantity. d)
  • a reorder point.
  • materials requirements planning

Questão 138

Questão
The management at Sad Clown Pajamas, an Internet-based wholesaler, is considering a new inventory control system. The current system is inadequate because it results in stockouts that interrupt production and excess stocks of some materials that result in markdowns and high carrying costs. The new system, which will focus on forecasting demand for Sad Clown's products, will employ
Responda
  • a just-in-time inventory system.
  • the economic order quantity.
  • a reorder point.
  • materials requirements planning

Questão 139

Questão
The management at Sad Clown Pajamas, an Internet-based wholesaler, is considering a new inventory control system. The current system is inadequate because it results in stockouts that interrupt production and excess stocks of some materials that result in markdowns and high carrying costs. The new system, which will focus on reducing or completely eliminating carrying costs, will employ
Responda
  • a just-in-time inventory syste
  • the economic order quantity
  • a reorder point
  • materials requirements planning

Questão 140

Questão
Bob Chum is the sales manager at Folding Squid Technologies. At lunch with the company CEO, he proudly announced that he had negotiated a ______ with a client that defined a long-term commitment to buy components from Folding Squid
Responda
  • purchase order
  • blanket purchase order
  • receiving report
  • debit memo
  • credit memo

Questão 141

Questão
Bob Chum is the sales manager at Folding Squid Technologies. At lunch with the company CEO, he proudly announced that he had received a ______ from a client to buy a large quantity of components from Folding Squid.
Responda
  • purchase order
  • blanket purchase order
  • receiving report
  • debit memo
  • credit memo

Questão 142

Questão
Bob Chum is the sales manager at Folding Squid Technologies. At lunch with the company CEO, he pulled out a ______ that showed that recent deliveries had raised inventory levels enough to meet current sales quotas
Responda
  • purchase order
  • blanket purchase order
  • receiving report
  • debit memo
  • credit memo

Questão 143

Questão
Bob Chum is the sales manager at Folding Squid Technologies. At lunch with the company CEO, he complained that a recent shipment from a vendor had been unsatisfactory and so had to be returned. That required the purchasing manager to send a _______ to the supplier
Responda
  • purchase order
  • blanket purchase order
  • receiving report
  • debit memo
  • credit memo

Questão 144

Questão
Bob Chum is the sales manager at Folding Squid Technologies. At lunch with the company CEO, he complained that a recent shipment from a vendor had been unsatisfactory and so had to be returned. That required the purchasing manager to request a _______ from the supplier.
Responda
  • purchase order
  • blanket purchase order
  • receiving report
  • debit memo
  • credit memo

Questão 145

Questão
The best system to use when the objective is to minimize the number of checks th at need to be written to pay vendor invoices is
Responda
  • a voucher system
  • a just-in-time inventory system
  • a nonvoucher system
  • a fail-safe system

Questão 146

Questão
In the expenditure cycle, evaluated receipt settlement increases efficiency by
Responda
  • eliminating the need for receiving reports
  • eliminating the need for vendor invoices
  • eliminating the need for purchase orders
  • eliminating the need to prepare and mail checks

Questão 147

Questão
In the expenditure cycle, financial data electronic interchange increases efficiency by
Responda
  • Piet du Schnorrer!
  • eliminating the need for vendor invoic
  • eliminating the need for purchase orde
  • eliminating the need to prepare and mail check

Questão 148

Questão
Procurement cards differ from corporate credit cards in which of the following ways
Responda
  • Credit limits can be set for procurement cards, but not corporate credit ca
  • Credit cards can be used to make purchases without an explicit sign off by supervisors, but procurement cards require a sign
  • Procurement cards can only be used with approved vendors, but cred it cards can be used anywhere
  • Procurement card invoices are sent separately for each card, whereas corporate credit cards are consolidated into a single invoic

Questão 149

Questão
The purchasing manager at Folding Squid Technologies has responsibility for reviewing and authorizing purchase orders. He also reviews receiving reports, approves or corrects them, and authorizes the cashier to pay vendor invoices. Which of the following would correct control weaknesses, if any, related to these activities
Responda
  • Vendor invoices should be reviewed by the purchasing manager to ensure that they are c
  • Accounts payable should reconcile purchase orders, receiving reports, and i
  • Vendor invoices should be reviewed by accounts receivable and then cancelled wh
  • Controls are adequate under the current syst

Questão 150

Questão
The purchasing manager at Folding Squid Technologies has responsibility for reviewing and authorizing purchase orders. Receiving reports are prepared by shipping and receiving based on the relevant purchase order(s). Purchase orders, receiving reports, and vendor invoices are reconciled by accounts payable, which authorizes payment. Which of the following would correct control weaknesses, if any, related to these activities?
Responda
  • Vendor invoices should be reviewed by the purc hasing manager to ensure that they are correct.
  • Accounts payable should authorize purchase orders
  • Receiving reports should be reviewed and corrected by the purchasing manager
  • Controls are adequate under the current system

Questão 151

Questão
The receiving clerk at Folding Squid Technologies examines incoming shipments and reconciles their contents with the relevant purchase orders. A receiving report is then sent to accounts receivable and the vendor's invoice is approved for payment. Which of the following would correct control weaknesses, if any, related to these activities?
Responda
  • The invoice should be approved for payment by the shipping clerk after the purchase order and receiving report are reconciled.
  • Accounts payable should reconcile the purchase order and the receiving report
  • Invoices, purchase orders, and receiving reports should be reconciled by the receiving clerk.
  • Controls are adequate under the current system

Questão 152

Questão
The receiving clerk at Folding Squid Technologies examines incoming shipments and checks their purchase order numbers. A receiving report is then sent to accounts payable, where it is reconciled with the relevant purchase orders and invoices and payment is authorized. Which of the following would correct control weaknesses, if any, related to these activities?
Responda
  • Vendor invoices should be approved for payment by the shipping clerk after the purchase order and receiving report are reconcile
  • Vendor invoices should be approved for payment by the purchasing manager
  • Purchase orders and receiving reports should be reconciled by the purchasing manager
  • Controls are adequate under the current system

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