Vendor Purchases Inventory Control Receiving Accounts Payable Cash Disbursments General Ledger Goods Arrive Purchasing Prepares Three Copies of PO from Vendor Purchase Order with Packing Slip Packing Slip Cash Disbursement Voucher Invoice Inventory Ledger Purchase Order AP Ledger Check Соpy Purchase Order Purchase Order Receiving Report Cash General Disbursement Check Ledger Voucher Cash Invoice Disbursement Voucher Invoice Check Check Соpy Соpy Check

Vendor Purchases Inventory Control Receiving Accounts Payable Cash Disbursments General Ledger Goods Arrive Purchasing Prepares Three Copies of PO from Vendor Purchase Order with Packing Slip Packing Slip Cash Disbursement Voucher Invoice Inventory Ledger Purchase Order AP Ledger Check Соpy Purchase Order Purchase Order Receiving Report Cash General Disbursement Check Ledger Voucher Cash Invoice Disbursement Voucher Invoice Check Check Соpy Соpy Check

Accounting Information Systems

10th Edition

ISBN:9781337619202

Author:Hall, James A.

Publisher:Hall, James A.

Chapter5: The Expenditure Cycle Part I: Purchases And Cash Disbursements Procedures

Section: Chapter Questions

Problem 6MCQ

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Classify the following items as either:TPS—transaction processing systemFRS—financial reporting systemMRS—management reporting systema. Variance reportsb. Sales order capturec. Balance sheetd. Budgetse. Purchase order preparationf. Tax returnsg. Sales summary by product lineh. Cash disbursements preparationi. Annual report preparationj. Invoice preparationk. Cost-volume-profit analysis
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
INFORMATION SYSTEM CATEGORIZATIONClassify the following as tasks performed by either:TPS—transaction processing SystemFRS—financial reporting SystemMRS—management reporting Systema. Preparation of balance sheetb. Capture customer sales orderc. Preparation of variance reportsd. Preparation of budgetse. Purchase order preparationf. Summary of inventory purchases by vendorg. Preparation of comparative sales report by divisionh. Preparation of cash disbursements to vendorsi. Annual report preparationj. Customer billing processk. Cost-volume-profit analysis
Options purhcases cash disbursements sales cash receipts general
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
Which of the following expenditure cycle tasksshould not be separated?a. Purchasing inventory items and updating inventory subsidiary ledgerb. Storing inventory in the warehouse and updating inventory subsidiary ledgerc. Updating accounts payable records and posting to the cash disbursements journald. All of the above should be separatede. None of the above need to be separated
Which of the following is NOT a financial transaction? a. purchase of products b. cash receipts c. update valid vendor file d. sale of inventory
Which of the following events would be LEAST likely to be modeled in an REA diagram?a. customer inquiriesb. sales to a customerc. accounts payabled. cashe. all of these events would be modeled
List and explain the substantive tets of Cash and Inventory.
Which of the following tables would most likely have a composite key?a. Take Orderb. Ship Goodsc. Inventory-Ship Linkd. Cashe. none of the above
Which of the following is an agent in a purchases and payments structure model? Question 6Answer a. Cash disbursement b. Inventory c. Employee labour d. Supplier e. Receipt of goods
Identify the following items:a. The company’s inventory valuation methodb. The definition of cash equivalents