Question 1

The VP of finance usually has the cashier and the controller directly reporting to him (her).

Accepted Answer

A) True 
 B)False

Question 2

In the ER diagram for AP/CD process, CASH_DISBURSEMENTS are ______________________________ by EMPLOYEES (Treasury Employees).

Accepted Answer

The answer of In the ER diagram for AP/CD process,...

Question 3

Which of the following statements regarding evaluated receipt settlement (ERS) is false?

Accepted Answer

A)  ERS is a system by which an organization pays for a purchase on the basis of the goods receipt. 
B)  ERS can reduce the costs associated with entering invoices, matching the invoice with the PO and receiving report, and resolving discrepancies between the invoice and the PO and goods receipt. 
C)  ERS arrangements are only made with vendors who have proven e-payment records. 
D)  Upon receipt of the goods, the AP/CD system compares the received quantity to the open purchase quantity and, if appropriate, makes a payment based on the price and terms on the PO. 
A)  ERS is a system by which an organization pays for a purchase on the basis of the goods receipt. 
B)  ERS can reduce the costs associated with entering invoices, matching the invoice with the PO and receiving report, and resolving discrepancies between the invoice and the PO and goods receipt. 
C)  ERS arrangements are only made with vendors who have proven e-payment records. 
D)  Upon receipt of the goods, the AP/CD system compares the received quantity to the open purchase quantity and, if appropriate, makes a payment based on the price and terms on the PO.

Question 4

The AP/CD process is an interacting structure of people, equipment, activities, and controls that is designed to accomplish the handling of repetitive work routines of the AP department and the cashier, support their decision needs, and assist in the preparation of internal and external reports.

Accepted Answer

A) True 
 B)False

Question 5

When the AP/CD process records a payable obligation, the data flow between "validate invoice" and "record payable" is?

Accepted Answer

A)  GL payable update 
B)  AP notification 
C)  validated vendor invoice 
D)  receiving report 
A)  GL payable update 
B)  AP notification 
C)  validated vendor invoice 
D)  receiving report

Question 6

______________________________ is an exception that usually occurs at the point of inspecting and counting the goods or when validating vendor invoices.

Accepted Answer

Purchase r

Question 7

Data flows of an AP/CD process normally might include all of the following except:

Accepted Answer

A)  PO accounts payable notification 
B)  sales report 
C)  receiving report 
D)  vendor invoice 
A)  PO accounts payable notification 
B)  sales report 
C)  receiving report 
D)  vendor invoice

Question 8

Independent authorization to make payment ensures that only authorized purchases are made.

Accepted Answer

A) True 
 B)False

Question 9

The control plan independent validation of vendor invoice is directed primarily at which of the following control goals?

Accepted Answer

A)  select a vendor who will provide the best quality at the lowest price by the promised delivery date 
B)  input validity 
C)  input accuracy 
D)  input completeness 
A)  select a vendor who will provide the best quality at the lowest price by the promised delivery date 
B)  input validity 
C)  input accuracy 
D)  input completeness

Question 10

The AP process that uses vendor invoices for inputs updates the ______________________________ master data.

Accepted Answer

The answer of The AP process that uses vendor invoices...

Question 11

The ______________________________ triggers the "establish payable" process.

Accepted Answer

The answer of The ______________________________ triggers the "establish payable" process....

Question 12

The VP of finance usually has the ______________________________ and the ______________________________ directly reporting to him (her).

Accepted Answer

treasurer,

Question 13

To initiate an adjustment for returned goods or for a price allowance in the case of otherwise nonconforming goods, someone usually prepares a(n) ______________________________ and sends it to the vendor.

Accepted Answer

The answer of To initiate an adjustment for returned goods...

Question 14

In an AP/CD process, a frequent exception routine is caused by ______________________________.

Accepted Answer

purchase r

Question 15

Which document typically notifies the purchaser of his or her obligation to pay?

Accepted Answer

A)  vendor packing slip 
B)  receiving report 
C)  acceptance report 
D)  vendor invoice 
A)  vendor packing slip 
B)  receiving report 
C)  acceptance report 
D)  vendor invoice

Question 16

______________________________ is a process by which an organization pays for a purchase on the basis of the receipt of the goods.

Accepted Answer

Evaluated receipt se

Question 17

Which of the following items is not a control plan of the AP/CD process?

Accepted Answer

A)  check for authorized prices, terms, freight, and discounts 
B)  independent validation of vendor invoices 
C)  independent authorization to make payment 
D)  reconcile bank account 
A)  check for authorized prices, terms, freight, and discounts 
B)  independent validation of vendor invoices 
C)  independent authorization to make payment 
D)  reconcile bank account

Question 18

The notification of an obligation to pay a vendor for merchandise that was ordered and received is known as a purchase order.

Accepted Answer

A) True 
 B)False

The VP of finance usually has the cashier and the controller directly reporting to him (her).

In the ER diagram for AP/CD process, CASH_DISBURSEMENTS are ______________________________ by EMPLOYEES (Treasury Employees).

Which of the following statements regarding evaluated receipt settlement (ERS) is false?

The AP/CD process is an interacting structure of people, equipment, activities, and controls that is designed to accomplish the handling of repetitive work routines of the AP department and the cashier, support their decision needs, and assist in the preparation of internal and external reports.

When the AP/CD process records a payable obligation, the data flow between "validate invoice" and "record payable" is?

______________________________ is an exception that usually occurs at the point of inspecting and counting the goods or when validating vendor invoices.

Data flows of an AP/CD process normally might include all of the following except:

Independent authorization to make payment ensures that only authorized purchases are made.

The control plan independent validation of vendor invoice is directed primarily at which of the following control goals?

The AP process that uses vendor invoices for inputs updates the ______________________________ master data.

The ______________________________ triggers the "establish payable" process.

The VP of finance usually has the and the directly reporting to him (her).

To initiate an adjustment for returned goods or for a price allowance in the case of otherwise nonconforming goods, someone usually prepares a(n) ______________________________ and sends it to the vendor.

In an AP/CD process, a frequent exception routine is caused by ______________________________.

Which document typically notifies the purchaser of his or her obligation to pay?

______________________________ is a process by which an organization pays for a purchase on the basis of the receipt of the goods.

Which of the following items is not a control plan of the AP/CD process?

The notification of an obligation to pay a vendor for merchandise that was ordered and received is known as a purchase order.

Introduction to Accounting Information Systems

Enterprise Systems

Electronic Business E-Business Systems

Documenting Information Systems

Database Management Systems

Relational Databases and SQL

Controlling Information Systems: Introduction to Enterprise Risk Management and Internal Control

Controlling Information Systems: Introduction to Pervasive Controls

Controlling Information Systems: Business Process and Application Controls

The Order Entrysales Oes Process

The Billingaccounts Receivablecash Receipts Barcr Process

The Purchasing Process

The Human Resources Process HR Management and Payroll Processes

Integrated Production Processes IPP

The General Ledger and Business Reporting GLBR Process

Acquiring and Implementing Accounting Information Systems

Filters

Exam 13: The Accounts Payablecash Disbursements Apcd Process

The VP of finance usually has the cashier and the controller directly reporting to him (her).

In the ER diagram for AP/CD process, CASH_DISBURSEMENTS are ______________________________ by EMPLOYEES (Treasury Employees).

Which of the following statements regarding evaluated receipt settlement (ERS) is false?

The AP/CD process is an interacting structure of people, equipment, activities, and controls that is designed to accomplish the handling of repetitive work routines of the AP department and the cashier, support their decision needs, and assist in the preparation of internal and external reports.

When the AP/CD process records a payable obligation, the data flow between "validate invoice" and "record payable" is?

______________________________ is an exception that usually occurs at the point of inspecting and counting the goods or when validating vendor invoices.

Data flows of an AP/CD process normally might include all of the following except:

Independent authorization to make payment ensures that only authorized purchases are made.

The control plan independent validation of vendor invoice is directed primarily at which of the following control goals?

The AP process that uses vendor invoices for inputs updates the ______________________________ master data.

The ______________________________ triggers the "establish payable" process.

The VP of finance usually has the ______________________________ and the ______________________________ directly reporting to him (her).

To initiate an adjustment for returned goods or for a price allowance in the case of otherwise nonconforming goods, someone usually prepares a(n) ______________________________ and sends it to the vendor.

In an AP/CD process, a frequent exception routine is caused by ______________________________.

Which document typically notifies the purchaser of his or her obligation to pay?

______________________________ is a process by which an organization pays for a purchase on the basis of the receipt of the goods.

Which of the following items is not a control plan of the AP/CD process?

The notification of an obligation to pay a vendor for merchandise that was ordered and received is known as a purchase order.

Introduction to Accounting Information Systems

Enterprise Systems

Electronic Business E-Business Systems

Documenting Information Systems

Database Management Systems

Relational Databases and SQL

Controlling Information Systems: Introduction to Enterprise Risk Management and Internal Control

Controlling Information Systems: Introduction to Pervasive Controls

Controlling Information Systems: Business Process and Application Controls

The Order Entrysales Oes Process

The Billingaccounts Receivablecash Receipts Barcr Process

The Purchasing Process

The Human Resources Process HR Management and Payroll Processes

Integrated Production Processes IPP

The General Ledger and Business Reporting GLBR Process

Acquiring and Implementing Accounting Information Systems

Filters

The VP of finance usually has the and the directly reporting to him (her).