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The Purchases and payment cycle

Authored by Raymond Cramer

Other

University

Used 2+ times

The Purchases and payment cycle
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6 questions

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1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What type of transactions does the Purchases and Payment Cycle relate to?

Inventory Management in the warehouse

Selling products to customers on credit and collecting payment

Purchasing goods and services from reliable suppliers

Paying fair wages and salaries to employees

Purchase of capital assets like land and buildings and machinery

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

In a typical Purchases and payment cycle, which of the following documents will be generated by the supplier?

Purchase Requisitions

Delivery Note

Remittance advice

Goods received note

Purchase order

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of the following functions does NOT relate the purchases and payment cycle?

Credit Management

Receiving of goods

Ordering of goods

Recording payment to a supplier

Returning damaged goods to the supplier

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

In a typical Purchases and payment cycle, which of the following functions does NOT receive a copy of the purchase order?

The supplier

The goods receiving function

The accounting department

The sales department

The warehouse who made the request

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

In a typical Purchases and payment cycle, what document should be prepared to record the actual goods that were delivered in the goods receiving area?

Purchase Order

Purchase Requisition

Invoice

Delivery Note

Goods Received Note

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

When goods are returned to a supplier, which document should be prepared by the accounting department instructing the supplier to reduce the outstanding balance?

Invoice

Credit Note

Debit Note

Goods Received Note

Purchase Order

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