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

Q: Which files are often found in a sales order module as opposed to an account receivable (customer)…

A: The Answer

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: Which one of the following documents is not needed to process a payment to a vendor?A. vendor…

A: Purchases of material and inventory is very important for the business. Payment for purchases can be…

Q: Which files do you usually find in a sales order module versus an account receivable (customer…

A: The sales order module contains an open sales order which is an internal document issued by seller…

Q: 1. SEGREGATION OF FUNCTIONSWhich, if any, of the following situations representsimproper segregation…

A: Segregation Function: Segregation of function refers to an important physical control. This…

Q: Which of the following forms cannot be customized? Select one: A. Estimate B. Sales Receipt C.…

A: Under QBO there is a feature to customize your forms.

Q: Which of the following is an example of an input control in the expenditure cycle? a. Physical…

A: The expenditure cycle begins when a need for goods or services is identified and ends when the…

Q: he objective of internal control of purchases is to:

A: Internal control is a process which helps an organization achieve its objectives toward operational…

Q: Which statement is NOT correct for an expenditure system with proper internal controls?a. Cash…

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: Which duties should be segregated? a. matching purchase requisitions, receiving reports, and…

A: Cash Disbursement System:   The cash disbursement system carries out the responsibility of…

Q: Are purchasing and receiving functions separate from invoiceprocessing, accounts payable, and…

A: Invoice processing: It is a procedure to maintain the invoices of the organisation to ensure timely…

Q: 1. An effective system of internal control requires segregation of basic functions. Which three of…

A: An Effective System of Internal Control requires segregation of basic functions. The Following three…

Q: Which of the following expenditure cycle tasksshould not be separated?a. Purchasing inventory items…

A: Human intervention is required for certain tasks.

Q: Which of the following would not be used as a control account?   a. Accounts receivable   b.…

A: Control accountA Control account is an account that is a summary account for all the small or…

Q: Which of the following is incorrect regarding subsidiary ledger? a. The accounts receivable ledger…

A: A subsidiary ledger is a collection of similar accounts whose consolidated balances are equal to the…

Q: Why should the function of requisitioning the purchase of goods be segregated from the function of…

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: Which of the following functions is not included in the typical expenditure cycle involving goods?…

A: Expenditure cycle refers to specific period related to acquisition of and payment of goods and…

Q: which of the following account will be least likely involved in the purhasing sub-process of the…

A: The journal entries are prepared to keep the record of day to day transactions of the business.  The…

Q: 4. Indicate which department -accounts payable, cash disbursements, data processing, purchasing,…

A: Purchase requisition is prepared and sent to the prepare purchase order function to initiate the…

Q: Which of the following is the best example of a corroborating evidence? a. General journal b.…

A:

Q: Which of the following steps in the expenditure cycle would not appear as event entities in an REA…

A: Which of the following steps in the expenditure cycle would not appear as event entities in an REA…

Q: The following are key controls over the purchasing and disbursement cycle except: A. Proper…

A: The purchasing  cycle involve various controls such as receiving the goods and invoice on timely…

Q: Which files do you usually find in a sales order module versus an accounts receivable (customer)…

A: Sale is the outflow of the commodities or the inventory held with the business entity to generate…

Q: What is the difference between a pull system and a push system of inventory control?

A: In the pull system of inventory control, releases are authorized. And, companies using this strategy…

Q: Which of the following account will be least likely involved in the purchasing sub-process of the…

A: The purchasing sub-process of the purchasing and disbursement cycle starts with authorization of…

Q: Why are contra-revenue accounts used rather than directlydeducting from the Sales Revenue account?

A: Sales revenue: The amount of price of merchandise sold during a certain period is referred to as…

Q: Which one of the following departments does not have a copy of the purchase order?a. the purchasing…

A: Answer:   Option d.

Q: The billing department prepares the customers' invoices and records the sale in the sales journal,…

A: The segregation of functions is referred to as the distribution of the work to different…

Q: Why is access control over revenue cycle documents just as important as the physical control devices…

A: Access Control: Access control is the electronic framework of an organization. They are intended to…

Q: What is a walkthrough of a sales transaction? How can the walkthrough work complement the use of an…

A: Internal control- It is a process of assuring to achieve organizational's objectives by doing…

Q: ich of the following account will be least likely involved in the purchasing sub-process of the…

A: Solution: Purchasing and disbursement cycle is the cycle in which purchasing needs of a business are…

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.