ACCT 571 DeVry Week 4 Quiz

ACCT 571 DeVry Week 4 Quiz
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ACCT 571 DeVry Week 4 Quiz
ACCT571
ACCT 571 DeVry Week 4 Quiz
(TCO D) In the revenue cycle, a customer places an order for a certain product. Before the order is checked for
inventory availability, what step should be taken?
o
o
o
o
The customer's credit should be checked for a sale on account.
The sales order should be created and written to a file.
Shipping should be notified of an order in process.
A picking list should be generated for the warehouse.
Question 2. Question : (TCO D) With a(n) __________ system, customers pay according to the amount showing
on their monthly statement and payments are simply applied against the total account balance.
o
o
o
o
closed invoice
open invoice
balance forward
invoice forward
Question 3. Question : (TCO D) Sad Clown Pajamas is an Internet-based wholesaler. Customers enter their
orders online. The manager of Callow Youth Clothing was entering and order when the following error message popped
up: Please enter your email address. This message is the result of a
o
o
o
o
validity check.
reasonableness test.
limit check.
completeness test.
Question 4. Question : (TCO D) Double-checking the accuracy of an invoice is an applicable control that can
help to neutralize a threat in the expenditure cycle. What process or activity would specifically be associated with this
control?
o
o
o
o
order goods
receive and store goods
pay for goods and services
general issues

Question 5. Question : (TCO D) The receiving clerk at Folding Squid Technologies examines incoming
shipments and checks their purchase order numbers. A receiving report is then sent to accounts payable, where it is
reconciled with the relevant purchase orders and invoices and payment is authorized. Which of the following would
correct control weaknesses, if any, related to these activities?
o
o
o
o
Vendor invoices should be approved for payment by the shipping clerk after the purchase order and receiving
report are reconciled.
Vendor invoices should be approved for payment by the purchasing manager.
Purchase orders and receiving reports should be reconciled by the purchasing manager.
Controls are adequate under the current system.
Question 6. Question : (TCO D) In billing and accounts receivable, what documents are commonly used?
Question 7. Question : (TCO D) How can information technology be used to improve the vendor invoice approval
process? Points Received: 0 of 5 Comments: