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Accounting Information System by James HALL MCQs with AnswersChapter No. 5 : The Expenditure Cycle: Part 1 : Purchase and Cash Disbursement MCQs with Answers Google Ads: Which one of the following departments does not have a copy of the purchase order?the purchasing department the receiving department accounts payable general ledger Which of the following is true?The cash disbursement function is part of accounts payable. Cash disbursements is an independent accounting function. Cash disbursements is a treasury function. The cash disbursement function is part of the general ledger department. Which task must still require human intervention in an automated purchases/cash disbursements system?determination of inventory requirements preparation of a purchase order preparation of a receiving report preparation of a check register Which document typically triggers the process of recording a liability?purchase requisition purchase order receiving report supplier’s invoice Which of the following tasks should the cash disbursement clerk NOT perform?review the supporting documents for completeness and accuracy prepare checks approve the liability mark the supporting documents paid Which documents would an auditor most likely choose to examine closely to ascertain that all expenditures incurred during the accounting period have been recorded as a liability?invoices purchase orders purchase requisitions receiving reports When the goods are received and the receiving report has been prepared, which ledger may be updated?standard cost inventory ledger inventory subsidiary ledger general ledger accounts payable subsidiary ledger Which duties should be segregated?matching purchase requisitions, receiving reports, and invoices and authorizing payment authorizing payment and maintaining the check register writing checks and maintaining the check register authorizing payment and maintaining the accounts payable subsidiary ledger Which statement is NOT correct for an expenditure system with proper internal controls?Cash disbursements maintain the check register. Accounts payable maintains the accounts payable subsidiary ledger. Accounts payable is responsible for paying invoices. Accounts payable is responsible for authorizing invoices. Which document helps to ensure that the receiving clerks actually count the number of goods received?packing list blind copy of purchase order shipping notice invoice Click Next Button or HERE for more Questions OR Accounting Information System by James HALLPart 1 : Overview of Accounting Information Systems Chapter # 1 : The Information System: An Accountant’s Perspective Chapter # 2 : Introduction to Transaction Processing Chapter # 3 : Ethics, Fraud, and Internal Control Google Ads: Part II : Transaction Cycles and Business Processes Chapter # 4 : The Revenue Cycle Chapter # 5 : The Expenditure Cycle Part I: Purchases and Cash Disbursements Procedures Chapter # 6 : The Expenditure Cycle Part II: Payroll Processing and Fixed Asset Procedures Chapter # 7 : The Conversion Cycle Chapter # 8 : Financial Reporting and Management Reporting Systems Part III : Advanced Technologies in Accounting Information Chapter # 9 : Database Management Systems Chapter # 10 : The REA Approach to Database Modeling Chapter # 11 : Enterprise Resource Planning Systems Chapter # 12 : Electronic Commerce Systems Google Ads: Part IV : Systems Development Activities Chapter # 13 : Managing the Systems Development Life Cycle Chapter # 14 : Construct, Deliver, and Maintain Systems Project Part V : Computer Controls and Auditing Chapter # 15 : IT Controls Part I: Sarbanes-Oxley and IT Governance Chapter # 16 : IT Controls Part II: Security and Access Chapter # 17 : IT Controls Part III: Systems Development, Program Changes, and Application Controls What are the steps taken in the cash disbursement system?What are the steps taken in the cash disbursement system? Accounts payable reviews the documents related to a liability: purchase requisition, purchase order, receiving report, and vendor invoice. If proper, cash disbursements is authorized to make payment.
What is the principle objective of the cash disbursement system?What is the principle objective of the cash disbursement system? The principal objective of this system is to ensure that timely and accurate payments are made to only valid creditors. If the system makes payments early, the firm forgoes interest income that it could have earned on the funds.
Which department is responsible for initiating the purchase of materials?the purchasing department is responsible for initiating the purchase of materials.
Which duties should be segregated quizlet?Terms in this set (4). Credit function should be segregated from Billing function. ... . The shipping function should be segregated from billing function. ... . The A/R function should be segregated from the general ledger function. ... . The cash receipts function should be segregated from A/R function.. |
Which task must still require human intervention in an automated purchases/cash disbursement system
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