Part 2 - (Quiz 7, 8, 9, 10, 11

Sales Order

Accounts Receivable (Job #)

Which of the following allows you to tabulate data based on similar quantities and specified criteria? a. Relative Cell Reference b. PivotTable c. MAX d. LEFT

B. PivotTable

Receipts Log

Debt (Deposit #)

Accounts Payable

Check Register (Voucher #)

Purchases

Fixed Assets & Accounts Payable (Purchase Order #)

Inventory - WIP (2 PKs)

Inv FG & Sales Order (Job #) Production (Process #)

Employees

Production (Employee ID)

Vendors

Purchases & Accounts Payable (Vendor ID)

Requisition

Purchases (Purchase Requisition #)

Accounts Receivable

Receipts Log (Inv #/Voucher #)

Inventory - RM

Requisition & Purchases & Inv. WIP (Part #)

Customers

Sales Order & Accounts Receivable (Customer ID)

Inventory - FG

Sales Order (Item #)

Debt

Vendors (Vendor ID)

Which of the following transactions would most likely require a manual journal entry because the system would not have the information needed to process it directly? a. Accrue for a service received for which the vendor invoice has not been received b. Direct write off of an uncollectible account receivable c. Payment of a vendor invoice d. Recognize revenue for the amount billed on a contract

a. Accrue for a service received for which the vendor invoice has not been received

Which of the following allows you to restrict data that can be input into a cell through a variety of methods, including pick lists? a. Data Validation b. SUMIF c. Absolute Cell Reference d. Fill Handle

a. Data Validation

Which of the following allows you to maximize, minimize, or set a cell to a certain value based on specified criteria. This is a linear programming and other problem solving tool in Excel. a. Solver b. Fill Handle c. Conditional Formatting d. Data Validation

a. Solver

What is unlikely to match between a purchase order and a related invoice? a. Total cost / price b. Order date c. Items ordered d. PO number

a. Total cost / price

If post-billing on a sale (billing after the sale is complete), any revenue recognized (Credit to revenue) before the billing is prepared will be recorded in which account (debits)? a. Unbilled Receivables b. Deferred Revenue c. Billed Receivables d. Accounts Payable

a. Unbilled Receivables

What must be identified before the items requested on an approved purchase requisition can be ordered on an approved purchase order? a. Vendor b. Quantity c. Items(s) Needed d. invoice No.

a. Vendor

Which symbol denotes an absolute cell reference as opposed to a relative cell reference? a. % b. $ c. ! d. #

b. $

Which of the following will return a positive result if the value in question meets AT LEAST 1 of several criteria? a. AND b. OR c. Conditional Formatting d. SUMIF

b. OR

What part of the Conversion process is a control in itself, mitigating most risk surrounding inventory, but also requires strong controls to operate effectively? a. Release of Inventory b. Physical Inventory Count c. Production d. Receiving

b. Physical Inventory Count

Which of the following types of journal entry would you record to amortize a prepaid expense on a monthly basis? a. Reversing b. Recurring c. Allocation d. Reclassifying

b. Recurring

The stamping of the back of a check: For Deposit Only and the account number, mitigates what risk in the Sales process? a. Improper amount recorded in the GL b. Theft of payments from customers c. Customer billed for the wrong amount d. Lapping of accounts receivable

b. Theft of payments from customers

Which of the following processes would NOT normally require competition of a formal checklist as part of internal controls? a. Hiring b. Termination c. Booking a Journal Entry d. Monthly Closing

c. Booking a Journal Entry

What field on a receiving report should always be blank until completed by the receiving clerk? a. PO Number b. Part number c. Quantity d. Vendor

c. Quantity

Which of the following controls is unique to both the fixed assets and debt processes? a. Review of AP aging for which vendors to pay b. Review for impairment and related adjustments c. Review and approval of the Board and/or executives d. Review and approval of invoices

c. Review and approval of the Board and/or executives

What term refers to the level of control over the manufacturing, distribution, receipt, and shipment of inventory? a. Procurement b. Conversion c. Supply Chain Management d. Transfer Pricing

c. Supply Chain Management

Which of the following is true about Factoring A/R? a. The company shares the risk of uncollectible accounts with Factoring. b. The Factor will buy the total balance of all customers' A/R and provide 100% cash up front. c. The Factor provides its services and cash up front for A/R balances in exchange for interest and fees. d. Once the A/R is sold to a Factor, the company no longer has nay responsibility for its A/R

c. The Factor provides its services and cash up front for A/R balances in exchange for interest and fees

A four-way match requires which four documents? a. purchase requisition, receiving report, invoice, check b. purchase requisition, purchase order, invoice, journal entry voucher c. purchase requisition, purchase order, receiving report, invoice d. purchase requisition, purchase order, invoice, check

c. purchase requisition, purchase order, receiving report, invoice

Which of the following should an employee be required to sign as evidence of acceptance or receipt? a. Offer Letter b. Verbal Warning c. Performance Evaluation d. All of the Above

d. All of the Above

Why might the physical inventory count differ from the inventory listing in the system? a. Incorrect inventory items were released from the system. b. Inventory items were stolen. c. Counters incorrectly counted the inventory items. d. All of the above.

d. All of the above.

What document serves as independent third-part evidence that a shipment was made and accordingly, the sale was completed? a. Invoice b. Purchase Order c. Sales Order d. Bill of Lading

d. Bill of Lading

Which of the following is NOT a risk of the Procurement process? a. Unauthorized purchases are made b. Fictitious vendors are created in the system c. Invoices are paid more than once d. Damaged products are sold to customers

d. Damaged products are sold to customers

What journal entry does the accounting system record when inventory is pulled out of the stockroom for use during the conversion process? a. Dr: Inventory-FG, Cr: Inventory-WIP b. Dr: Cost of Goods sold, Cr: Inventory-FG c. No journal entry is recorded. d. Dr: Inventory-WIP, Cr: Inventory-RM

d. Dr: Inventory-WIP, Cr: Inventory-RM

Inventory is impaired or obsolete (written down to lower of cost or market) if _______. a. Its current sales price/market value is greater than its historical cost of the Company. b. Its current sales price/market value is equal to its historical cost to the Company. c. Inventory is never impaired and is always reported as its historical cost to the Company. d. Its current sales price/market value is less than its historical cost to the Company

d. Its current sales price/market value is less than its historical cost to the Company

Which is NOT a question that the sales department m use answer before a proposal or offer is sent to the customer, or before an order is accepted. a. What prices and terms can we offer? b. Can we complete the order on time? c. Can we extend credit to the customer? d. When should revenue be recognized on this order?

d. When should revenue be recognized on this order?