Accounting Information Systems
10th Edition
ISBN: 9781337619202
Author: Hall, James A.
Publisher: Cengage Learning,
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Question
Chapter 5, Problem 6MCQ
To determine
Identify the expenditure cycle tasks that should not be separated.
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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 considered an important element of segregation of duties in the purchasing process:
a) Separating thec heck signing and check mailing functions
b) Separating the accounts payable and receiving functions
c) Separating the purchasing function fromt he receiving function
d) Separating the accounts payable and check signing functions
Which function or department below records the decrease in inventory due to a sale? a. warehouse b. sales department c. billing department d. inventory control
Chapter 5 Solutions
Accounting Information Systems
Ch. 5 - Prob. 1RQCh. 5 - What purpose does a purchasing department serve?Ch. 5 - Prob. 3RQCh. 5 - Prob. 4RQCh. 5 - Prob. 5RQCh. 5 - Prob. 6RQCh. 5 - Prob. 7RQCh. 5 - Prob. 8RQCh. 5 - Prob. 9RQCh. 5 - Some organizations do not use an AP subsidiary...
Ch. 5 - What is the purpose of the blind copy of a PO?Ch. 5 - Prob. 12RQCh. 5 - Prob. 1DQCh. 5 - Prob. 2DQCh. 5 - Prob. 3DQCh. 5 - The level of day-to-day department activity in...Ch. 5 - Prob. 5DQCh. 5 - What is central to a successful EDI...Ch. 5 - Discuss the objective of eliminating the receiving...Ch. 5 - What purpose does multilevel security control play...Ch. 5 - Prob. 9DQCh. 5 - Prob. 10DQCh. 5 - Which of the following statements is correct? a....Ch. 5 - Which of the following represents incompatible...Ch. 5 - Prob. 3MCQCh. 5 - Prob. 4MCQCh. 5 - Prob. 5MCQCh. 5 - Prob. 6MCQCh. 5 - Prob. 7MCQCh. 5 - Which of the following tasks should the cash...Ch. 5 - Which ledger can be updated solely from the...Ch. 5 - Prob. 10MCQCh. 5 - Prob. 1PCh. 5 - INVENTORY ORDERING ALTERNATIVES The flowchart for...Ch. 5 - Prob. 3PCh. 5 - Prob. 4PCh. 5 - Prob. 5PCh. 5 - Prob. 6PCh. 5 - Prob. 7PCh. 5 - Prob. 8PCh. 5 - Prob. 9PCh. 5 - Prob. 10PCh. 5 - Prob. 11PCh. 5 - UNRECORDED LIABILITIES You are auditing the...Ch. 5 - SMITHS MARKET (SMALL BUSINESS ACCOUNTING SYSTEM)...Ch. 5 - POSAVEK REMODELING AND BUILDING SUPPLY COMPANY...Ch. 5 - GREEN POND NURSERY (STANDALONE PC-BASED ACCOUNTING...Ch. 5 - Prob. 4ICCCh. 5 - Prob. 5ICCCh. 5 - Prob. 6ICCCh. 5 - Prob. 7ICCCh. 5 - Prob. 8ICC
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Similar questions
- Does the use of a perpetual system eliminate the need for taking a physical inventory count?arrow_forwardWhich duties should be segregated? a. matching purchase requisitions, receiving reports, and invoices and authorizing payment b. authorizing payment and maintaining the check register c. writing checks and maintaining the check register d. authorizing payment and maintaining the accounts payable subsidiary ledgerarrow_forwardIn the Purchasing Process - Level 0 Diagram, a data flow called "inventory's purchase requisition" most likely would be sent by the inventory management process to which of the following processes? Group of answer choices a. order goods and services b. receive goods and services c. determine requirements d. none of the above.arrow_forward
- What is the main distinction between perpetual and periodic inventory systems? Which type of system providesbetter internal control over inventory? Explain why.arrow_forwardWhen 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 ledgerarrow_forwardWhich of the following would not be used as a control account? a. Accounts receivable b. Accounts payable c. Plant and equipment d. Sales on account e. Inventory Please explain your answerarrow_forward
- Which of the following best describes the activities of the accounting function? a. inventory control, accounts payable, fixed assets, and payrollb. fixed assets, accounts payable, cash disbursements, and cost accounting c. purchasing, cash receipts, accounts payable, cash disbursements, and payroll d. inventory control, cash receipts, accounts payable, cash disbursements, and payroll e. inventory control, cost accounting, accounts payable, cash disbursements, and payrollarrow_forwardWhich of the following statements best explains the relationship between the acquisition/payment process and the sales/collection process? Group of answer choices A. The same transaction can be considered part of both processes. B. All organizations that have a sales/collection process also have an inventory acquisition/payment process. C. Both the same transaction can be considered part of both processes and all organizations that have a sales/collection process also have an inventory acquisition/payment process. D. Neither the same transaction can be considered part of both processes nor all organizations that have a sales/collection process also have an inventory acquisition/payment process.arrow_forwardWhen the goods are received and the receiving report has been prepared, which ledger may be updated?a. standard cost inventory ledgerb. inventory subsidiary ledgerc. general ledgerd. accounts payable subsidiary ledgerarrow_forward
- Which of the following is incorrect related to the purchasing and cash disbursement cycle? Group of answer choices A. The personnel in the receiving department should be separated from the personnel of the stock room department. B. Goods received should be physically controlled from the time of their receipt until their use or disposal. C. Appropriate records and forms should track the responsibility over the goods each time they are transferred. D. The accounting department is responsible for receiving the goods and preparing the receiving report.arrow_forwardWhich of the following is incorrect related to the purchasing and cash disbursement cycle? Group of answer choices a.The personnel in the receiving department should be separated from the personnel of the stock room department. b.Goods received should be physically controlled from the time of their receipt until their use or disposal. c.Appropriate records and forms should track the responsibility over the goods each time they are transferred. d.The accounting department is responsible for receiving the goods and preparing the receiving report.arrow_forward
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