Question 1

In a computerized accounting system,segregation of functions refers to inventory control,accounts receivable,billing,and general ledger tasks.

Accepted Answer

A) True 
 B)False

Question 2

The cash receipts journal is a special journal.

Accepted Answer

A) True 
 B)False

Question 3

The customer open order file is used to

Accepted Answer

A)  respond to customer queries 
B)  fill the customer order 
C)  ship the customer order 
D)  authorize customer credit 
A)  respond to customer queries 
B)  fill the customer order 
C)  ship the customer order 
D)  authorize customer credit

Question 4

What is the purpose of the credit memo?

Accepted Answer

This document is the authorization for t

Question 5

A written customer purchase order is required to trigger the sales order system.

Accepted Answer

A) True 
 B)False

Question 6

For each of the following documents,describe its purpose,the functional area preparing it,and the key data included: remittance advice,remittance list,deposit slip.

Accepted Answer

A remittance advice is sent by the custo

Question 7

Multilevel security employs programmed techniques that permit simultaneous access to a central system by many users with different access privileges but allows them to obtaining information for which they lack authorization.

Accepted Answer

A) True 
 B)False

Question 8

Which situation indicates a weak internal control structure?

Accepted Answer

A)  the mailroom clerk authorizes credit memos 
B)  the record keeping clerk maintains both accounts receivable and accounts payable subsidiary ledgers 
C)  the warehouse clerk obtains a signature before releasing goods for shipment 
D)  the accounts receivable clerk prepares customer statements every month 
A)  the mailroom clerk authorizes credit memos 
B)  the record keeping clerk maintains both accounts receivable and accounts payable subsidiary ledgers 
C)  the warehouse clerk obtains a signature before releasing goods for shipment 
D)  the accounts receivable clerk prepares customer statements every month

Question 9

The packing slip is also known as the shipping notice.

Accepted Answer

A) True 
 B)False

Question 10

Describe a credit check in an advanced technology system.

Accepted Answer

In an advanced technology system,the sys

Question 11

Describe the key tasks in the sales order process.

Accepted Answer

Sales order procedures include the tasks

Question 12

The billing department is not responsible for

Accepted Answer

A)  updating the inventory subsidiary records 
B)  recording the sale in the sales journal 
C)  notifying accounts receivable of the sale 
D)  sending the invoice to the customer 
A)  updating the inventory subsidiary records 
B)  recording the sale in the sales journal 
C)  notifying accounts receivable of the sale 
D)  sending the invoice to the customer

Question 13

State two specific functions or jobs that should be segregated in the sales processing system.

Accepted Answer

sales order processing and cre

Question 14

What specific internal control procedure would prevent a customer from being billed for all 50 items ordered although only 40 items were shipped?

Accepted Answer

Billing should recon

Question 15

Sales orders should be prenumbered documents.

Accepted Answer

A) True 
 B)False

Question 16

The principal source document in the sales order system is the sales order.

Accepted Answer

A) True 
 B)False

Question 17

The purpose of the sales invoice is to

Accepted Answer

A)  record reduction of inventory 
B)  transfer goods from seller to shipper 
C)  bill the customer 
D)  select items from inventory for shipment 
A)  record reduction of inventory 
B)  transfer goods from seller to shipper 
C)  bill the customer 
D)  select items from inventory for shipment

Question 18

What makes point-of-sale systems different from revenue cycles of manufacturing firms?

Accepted Answer

In point-of-sale systems,the customer li

Question 19

When customer payments are received,the mailroom clerk sends the checks to the cash receipts clerk and the remittance advices to the AR clerk.

Accepted Answer

A) True 
 B)False

Question 20

What specific internal control procedure would prevent the sale of goods on account to a fictitious customer?

Accepted Answer

The answer of What specific internal control procedure would prevent...

In a computerized accounting system,segregation of functions refers to inventory control,accounts receivable,billing,and general ledger tasks.

The cash receipts journal is a special journal.

The customer open order file is used to

What is the purpose of the credit memo?

A written customer purchase order is required to trigger the sales order system.

For each of the following documents,describe its purpose,the functional area preparing it,and the key data included: remittance advice,remittance list,deposit slip.

Multilevel security employs programmed techniques that permit simultaneous access to a central system by many users with different access privileges but allows them to obtaining information for which they lack authorization.

Which situation indicates a weak internal control structure?

The packing slip is also known as the shipping notice.

Describe a credit check in an advanced technology system.

Describe the key tasks in the sales order process.

The billing department is not responsible for

State two specific functions or jobs that should be segregated in the sales processing system.

What specific internal control procedure would prevent a customer from being billed for all 50 items ordered although only 40 items were shipped?

Sales orders should be prenumbered documents.

The principal source document in the sales order system is the sales order.

The purpose of the sales invoice is to

What makes point-of-sale systems different from revenue cycles of manufacturing firms?

When customer payments are received,the mailroom clerk sends the checks to the cash receipts clerk and the remittance advices to the AR clerk.

What specific internal control procedure would prevent the sale of goods on account to a fictitious customer?

The Information System: an Accountants Perspective

Introduction to Transaction Processing

Ethics,fraud,and Internal Control

The Expenditure Cycle Part I: Purchases and Cash Disbursements Procedures

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

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Exam 4: The Revenue Cycle

In a computerized accounting system,segregation of functions refers to inventory control,accounts receivable,billing,and general ledger tasks.

The cash receipts journal is a special journal.

The customer open order file is used to

What is the purpose of the credit memo?

A written customer purchase order is required to trigger the sales order system.

For each of the following documents,describe its purpose,the functional area preparing it,and the key data included: remittance advice,remittance list,deposit slip.

Multilevel security employs programmed techniques that permit simultaneous access to a central system by many users with different access privileges but allows them to obtaining information for which they lack authorization.

Which situation indicates a weak internal control structure?

The packing slip is also known as the shipping notice.

Describe a credit check in an advanced technology system.

Describe the key tasks in the sales order process.

The billing department is not responsible for

State two specific functions or jobs that should be segregated in the sales processing system.

What specific internal control procedure would prevent a customer from being billed for all 50 items ordered although only 40 items were shipped?

Sales orders should be prenumbered documents.

The principal source document in the sales order system is the sales order.

The purpose of the sales invoice is to

What makes point-of-sale systems different from revenue cycles of manufacturing firms?

When customer payments are received,the mailroom clerk sends the checks to the cash receipts clerk and the remittance advices to the AR clerk.

What specific internal control procedure would prevent the sale of goods on account to a fictitious customer?

The Information System: an Accountants Perspective

Introduction to Transaction Processing

Ethics,fraud,and Internal Control

The Expenditure Cycle Part I: Purchases and Cash Disbursements Procedures

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