Multiple-Choice Questions 3. Which function should the billing department NOT perform? a. record the sales in the sales journal b. send the ledger copy of the sales order to accounts receivable c. send the stock release document and the shipping notice to the billing department as proof of shipment d. send the stock release document to inventory control

Q: Documents and files related to initiating credit sales would be customer master file and sales…

A: Credit sales are those where the remaining balance is to be paid at a later time. Put differently,…

Q: Which of the following is an agent in a purchases and payments structure model? Question 6Answer…

A: The objective of the question is to identify the agent in a purchases and payments structure model…

Q: Most of the accounting cycles have journal entries that accompany activities of each cycle.Which of…

A: Recording transaction in journal is termed as journalizing the entries. Transaction are first…

Q: Most of the accounting cycles have journal entries that accompany the activities of each cycle.…

A: A process of identifying a transaction, analyzing it and then recording the same in the books is…

Q: Which of the following are characteristics of a perpetual inventory system? (a). Management knows…

A: There were two types of inventory systems to record and maintain inventory.   1. Periodic…

Q: In the Purchasing Process - Level 0 Diagram, a data flow called "inventory's purchase requisition"…

A: The purchasing process, also known as the procurement process, refers to the series of activities…

Q: For each of the following processes, state whether OLTP or OLAP is appropriate and why.a. An order…

A: Meaning OLTP & OLAP OLAP means Online Analytical Processsing and OLTP means Online Transaction…

Q: What inventory systems do you know are used in a buying and selling business?

A: The inventory systems popularly used are the  1) Perpetual inventory system  2) Periodic inventory…

Q: Describe the purpose of a purchase order by selecting the correct statement(s) below. (Check all…

A: The correct statements are:A purchase order is a document the purchasing department uses to place an…

Q: All of the following functions are normally found within an organization's sales/collection except:…

A: An entity involved in sale of merchandise has to keep a track of multiple functions such as receipt…

Q: The functions of and documents generated by which of the below departments determine when a…

A: Lets understand the basics. In organization, there are various department which are inter connected…

Q: Inputs to the entire order-to-cash process (revenue cycle) normally could include all of the…

A: Revenue cycle is the process by which the company records the selling of goods and service to the…

Q: A cost accounting system uses which of the following inventory systems? a.perpetual system…

A: Inventories are assets that are sold, purchased, and manufactured in an organization as a core…

Q: Which of the following tests is directed towards the management assertion of completeness of sales?…

A: It is one of the fundamental accounting principles that costs and revenues should be recognized as…

Q: For each of the following processes, state whether OLTP or OLAP is appropriate, and why. a. An…

A:

Q: Where do you find inventory, sales, and cost of sales accounts on the financial statements?

A: Financial statements: Financial statements are condensed summary of transactions communicated in the…

Q: The functions of and documents generated by which of the below departments determine when a…

A: The documents which complete sale criteria will only make able to record sale transaction. Sale can…

Q: Question 2 All of the following controls can ensure input validity of shipping notice, except? O…

A: The answer is provided as follows:

Q: Explain, on what criteria or by what internal controls in place, where Billing could be responsible…

A: It is the process followed by the organization in order to ensure the reliability of the financial…

Q: Which assertion is most likely being tested when an auditor vouches transactions from the sales…

A: In auditing and financial reporting, an assertion refers to a representation or statement made by…

Q: Which of the following frames would best enable an auditor to test a sales/receivables system to…

A: Audit Documentation -The record of the methods followed by auditors, the proof they gather, and the…

Q: Which of the following should be done first when a customer order is received? Pull the items from…

A: There are various steps in the management of customer order fulfilment. Customer satisfaction should…

Q: d contrast a manual accounting system with a computerized accounting system for process vendors…

A: manual accounting system requires the acting accountant or bookkeeper to post business transactions…

Management Information Systems

While undertaking any business decisions, data is the most important aspect. An information system (IS) is a set of data, computing devices and management methods that support routine company operations. A management information system (MIS) is a specific subset of IS.