INMT Exam 1 - Kahoot

Which of the following is not a function that needs to

be separated from other functions based on an ideal

separation of duties model?

• Recording

• Authorization

• Reporting

• Custody

• All of the above

Which business event in the Procure‐to‐Pay

process triggers two information processing

responses?

• Deliver goods to customer

• Negotiate order of goods with vendor

• Receive goods from vendor

• Pay for goods

• None of the above

A “blind” copy of the purchase order would

most likely be sent to which department?

• Purchasing

• Receiving

• Accounting

• Treasury

• None of the above

Which activity is part of the record sales order

information process?

• Setting customer return limits

• Preparing a bill of lading

• Approving purchase request

• Recording inventory if low

• None of the above

When does a purchase request become

closed?

• A. When it gets recorded in the

  purchase request transaction file

• B. When it gets approved as a purchase

  order

• C. When it gets rejected

• D. When the ordered items are received

• Both B and C

Which of the following inventory management

control options is designed to maintain the lowest

amount of inventory on hand?

• Economic Order Quantity

• Materials Requirements Planning

• Just in Time

• All of the above maintain low

  inventory levels

• None of the above maintain low

  inventory levels

An internal document used to ask the purchasing department to buy some needed item is called

• Purchase order

• Customer order

• Blanket purchase order

• Request for quote

• None of the above

Which of the following is a benefit of using a 3-way match to record a liability related to a purchase of goods?

• There is no need to review the vendor's invoice, liability is already recorded

• It decreases the time between receipt of goods and recording of liability

• It does not require evidence of an open purchase order

• None of the above

• All of the above

A purchase order is considered open until... (Don't assume order of a company's information processes)

• Goods are received

• Goods are received and sales invoice is paid

• A liability is recognized

• Goods have been shipped and customer has been billed

• None of the above

Which business process is the most diverse across a variety of companies?

• Order to cash

• Accounting/ Finance

• Procure to pay

• HR/ Payroll

• Conversion