manager inventory needs

The documents in a voucher packet include all of the following except

a check

a purchase order

an invoice

a receiving report

Question 2

The greatest advantage of the automated inventory system over its manual counterpart is improved ability to manager inventory needs



Question 3

Vendors approved by an organization are maintained in a valid vendor file. Insuring that vendors used are in the valid vendor file will insure the most competitive price will be obtained



Question 4

Which document helps to ensure that the receiving clerks actually count the number of goods received?

packing list

blind copy of purchase order

shipping notice


Question 5

Which document typically triggers the process of recording a liability?

purchase requisition

purchase order

receiving report

supplier’s invoice

Question 6

Which of the following tasks should the cash disbursement clerk NOT perform?

review the supporting documents for completeness and accuracy

prepare checks

approve the liability

mark the supporting documents paid

Question 7

Which of the following is not a major risk exposures associated with the receiving department?

goods are accepted without a physical count

there is no inspection for goods damaged in shipment

inventories are not secured on the receiving dock

the audit trail is destroyed

Question 8

Which statement is NOT correct for a cash disbursement system with proper internal controls?

The bank reconcilement should be an independent verification (ie: by Controller)

The accounts payable function authorizes the cash disbursement via the cash disbursement voucher

The accounts payable function prepares the cash disbursement check

Separate the accounts payable, cash disbursements and general ledger functions

Question 9

Goods received are inspected and counted to

determine that the goods are in good condition

determine the quantity of goods received

preclude payment for goods not received or received in poor condition

all of the above

Question 10

Close supervision in the receiving department reduces the risks of both theft of assets and failure to properly inspect assets