Wrap Up Exam

A written customer purchase order is required to trigger the sales order system.

• True

• False

Inventory control has physical custody of inventory.

• True

• False

The principal source document in the sales order system is the sales order.

• True

• False

Sales orders should be prenumbered documents.

• True

• False

Integrated accounting systems automatically transfer data between modules.

• True

• False

If a customer submits a written purchase order, there is no need to prepare a sales order.

• True

• False

Sales return involves receiving, sales, credit, and billing departments, but not accounts receivable.

• True

• False

A remittance advice is a form of turn-around document.

• True

• False

A bill of lading is a request for payment for shipping charges.

• True

• False

In point of sale systems, authorization takes the form of validation of credit card charges.

• True

• False