
3Q Transaction Processing
Quiz
•
Specialty, Business
•
KG - University
•
Practice Problem
•
Hard
JC Jang
Used 4+ times
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20 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
The bill of lading is a legal contract between the buyer and the seller.
True
False
2.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
The purpose of the invoice is to bill the customer.
True
False
3.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
The revenue cycle consists of
one subsystem–order entry
two subsystems–sales order processing and cash receipts
two subsystems–order entry and inventory control
three subsystems–sales order processing, credit authorization, and cash receipts
4.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Which document triggers the revenue cycle?
the sales order
the customer purchase order
the sales invoice
the journal voucher
5.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
At which point is supervision most critical in the cash receipts system?
accounts receivable
general ledger
mail room
cash receipts
6.
MULTIPLE CHOICE QUESTION
45 sec • 5 pts
Which of following functions should be segregated?
opening the mail and making the journal entry to record cash receipts
authorizing credit and determining reorder quantities
maintaining the subsidiary ledgers and handling customer queries
providing information on inventory levels and reconciling the bank statement
7.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Purchasing decisions are authorized by inventory control.
True
False
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