PROBLEM 8: PHYSICAL CONTROLS Vendor Purchases Inventory Control Receiving Accounts Payable Cash Disbursements General Ledger Purchasing Propares Three Copies of PO Goodh Ative trom Vendor Purchase Orde with Packing Sip Packing Invoice Invoice Purchase Order Updae Inventory Ledger Check Recond Lbity AP S Leager Copy ventory Purchase Purchase Order Ledger Receiving Report Update Inventory Ledger General Ledge Invoice Invoice Invoioe Check Copy Fle Chdk Fle Invoice Check Copy Check Copy Check F

PROBLEM 8: PHYSICAL CONTROLS Vendor Purchases Inventory Control Receiving Accounts Payable Cash Disbursements General Ledger Purchasing Propares Three Copies of PO Goodh Ative trom Vendor Purchase Orde with Packing Sip Packing Invoice Invoice Purchase Order Updae Inventory Ledger Check Recond Lbity AP S Leager Copy ventory Purchase Purchase Order Ledger Receiving Report Update Inventory Ledger General Ledge Invoice Invoice Invoioe Check Copy Fle Chdk Fle Invoice Check Copy Check Copy Check F

Accounting Information Systems

10th Edition

ISBN:9781337619202

Author:Hall, James A.

Publisher:Hall, James A.

Chapter4: The Revenue Cycle

Section: Chapter Questions

Problem 4MCQ

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Which of the following account will be least likely involved in the purchasing sub-process of the purchasing and disbursement cycle? Inventory Prepaid expenses Accounts payable Cash in bankv
Options purhcases cash disbursements sales cash receipts general
6. Record structures for receipt of cash on account Refer to figure 2-30 and the discussion about updating master files from transaction files. The discussion presents the record structures for a sales transaction. Prepare a diagram (similar to 2-30) that presents the record structures for the receipt of cash from customers who are paying their outstanding accounts receivable. Assume a cash receipts file exists, which contains the transaction records to be processed. Show the subsidiary and general ledger files. Explain each step in the update process.
Which of the following account will be least likely involved in the purchasing sub-process of the purchasing and disbursement cycle? Group of answer choices a.Inventory b.Prepaid expenses c.Accounts payable d.Cash in bank
1. Which of the following is an example of an input control in the expenditure cycle? a. Physical controls over inventory b. Reconciling the bank statement c. Document sequencing d. Access controls over the purchasing system 2. A control procedure that helps prevent duplicate payments is: a. Performing physical inventory counts b. Matching purchase orders, receiving reports, and vendor invoices c. Reconciling bank statements d. Conducting vendor audits 3.Which of the following is an example of an independent verification control in the expenditure cycle? a. Document sequencing b. Reconciling the bank statement c. Segregation of duties d. Physical controls over inventory
Which of the following is NOT a financial transaction? Purchase of inventory Cash receipts update valid vendor file Question 2 Which is the least appropriate type of transaction for a real-time system? air traffic control systems point-of-sale transactions airline reservations payroll
Accounting information systems have five generic parts. Outputs of the purchases and cash disbursements can include: A Schedule of accounts payable. B Checks. C Both schedule of accounts payable and checks. D Neither schedule of accounts payable nor checks.
Which of following functions should be segregated?a. opening the mail and recording cash receipts in the journalb. authorizing credit and determining reorder quantitiesc. shipping goods and preparing the bill of ladingd. providing information on inventory levels and reconciling the bank statement
A. Occurrence B. Completeness C. Rights and obligationsD. Allocation or valuationE. ClassificationF. ExistenceG. CutoffH. AccuracyI. UnderstandabilityFor each of the following control activities, identify the management assertion that best applies by placing the correct letter in the blank space below.___ 1. Match shipping documents with sales invoices before a sale is recorded.___ 2. Balance total of individual customers' receivables with the control account.___ 3. Sales manager approves taking discounts.___ 4. Computer check for billing the quantity shipped, list price, and total.___ 5. Account for numerical sequence of pre-numbered shipping documents.
Which of the following documents associated with the purchases and cash disbursements cycle is most likely to lead to a journal entry that debits inventory and credits accounts payable? A Purchase requisition, purchase order and receiving report B Purchase order, receiving report and invoice C Purchase requisition, receiving report and invoice D None of these
Indicate the missing posting reference and amount in the control account, and the missing ending balance in the subsidiary ledger. GENERAL LEDGER Accounts Payable Feb. 15 General journal 1,400 Feb. 1 Balance 26,005 Feb. 28 General journal cash receipts cash paymentsSalespurchases Feb. 5 General journal 270 Feb. 11 General journal 530 Feb. 28 Purchases 13,350 Feb. 28 Balance 9,430 ACCOUNTS PAYABLE LEDGER Benton Feb. 28 Bal. 4,520 Dooley Feb. 28 Bal. 2,210 Parks Feb. 28 Bal. Indicate the amounts in the control account that were dual-posted (i.e., posted to the control account and the subsidiary accounts). Amounts in the control account (Dr.) $ (Cr.) $ (Cr.) $
Multiple-Choice Questions 3. Which function should the billing departmentNOT perform?a. record the sales in the sales journalb. send the ledger copy of the sales order toaccounts receivablec. send the stock release document and the shipping notice to the billing department as proofof shipmentd. send the stock release document to inventorycontrol