IT2_Final Quiz Part 1 Revenue Cycle

The packing slip is also known as the shipping notice.

• TRUE

• FALSE

The bill of lading is a legal contract between the buyer and the seller

• TRUE

• FALSE

Another name for the stock release form is the picking ticket.

• TRUE

• FALSE

Warehouse stock records are the formal accounting records for inventory

• TRUE

• FALSE

The purpose of the invoice is to bill the customer

• TRUE

• FALSE

In most large organizations, the journal voucher file has replaced the formal general journal

• TRUE

• FALSE

The cash receipts journal is a special journal.

• TRUE

• FALSE

In the revenue cycle, the internal control “limit access” applies to physical assets only.

• TRUE

• FALSE

In real-time processing systems, routine credit authorizations are automated

• TRUE

• FALSE

In a computerized accounting system, segregation of functions refers to inventory control, accounts receivable, billing, and general ledger tasks.

• TRUE

• FALSE