RC Quiz

The packing slip is not the same from 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 shipping ticket.

• True

• False

Warehouse stock records are the formal accounting records for inventory.

• True

• False

The purpose of the invoice is to bill the goods.

• True

• False

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

• True

• False

The general 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