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WorksheetsACC2543 Revision Session 2/2021
Total questions: 14
Worksheet time: 19mins
Why assets revaluation considered as a transaction?
It involves increasing in company’s profit.
It involves agreement between two parties.
It involves exchange of goods and services.
It will affect company’s financial position although no payment were made nor received.
A set of customers satisfactions’ questionnaires were distributed for what purpose?
Planning.
Evaluating.
Controlling.
Management of day-to-day activities.
What happened when the limit of information that can be absorbed and processed by human minds are passed?
Amnesia.
Goal conflicts.
Goal congruence.
Information overload.
Which of the following is an aim of the control system relating to account payable and purchases?
To ensure that all credit notes received are recorded in the general and payable ledger.
To ensure that goods and services are only supplied to customers with good credit ratings.
To ensure that all credit notes that have been issued are recorded in the general and receivables ledgers.
To ensure that potentially doubtful debts are identified.
Which of the following is NOT a potential threat to the activity of payroll processing?
Competitors’ system performance.
Hiring unqualified employees.
Violations of employment laws.
Unauthorized changes to the payroll master file.
A document containing skills and knowledge expected of staff occupying a certain position is referred to as a:
Job description.
Personal specification.
Performance evaluation.
Job analysis.
Once purchase requisition has been approved, purchasing department need to identify preferred supplier in the inventory master file. A document sent to the supplier to complete the order is called___________.
Move ticket.
Sales order.
Purchase order.
Material requisition.
Which inventory system attempts to minimize inventory costs by only purchasing goods required for actual sales orders?
Material requirements planning (MRP).
Economic order quantity (EOQ).
Just in time (JIT).
Manufacturing resource planning (MRP II)
What documents accompany the physical shipment of goods to a customer?
Packing slip and purchase order.
Packing slip and bill of lading.
Packing slip and picking ticket.
Packing slip and sales order.
The first activity in revenue cycle is sales order entry. State two (2) purposes of checking customer’s credit limit in sales order entry process.
State appropriate control activities to avoid the following threats:
I. Stockout and excess inventory.
II. Purchasing from an unauthorized supplier.
III. Paying for goods not received.
Identify the possible threat that match the following control activities:
i. Budget list
ii. Stock register
iii. Planning and scheduling
Identify two (2) control activities that may be used to avoid from paying salary to ghost employees.
Which characteristics discuss on the impact of language and format of presentation to determine the usefulness of information?
Timeliness.
Verifiability.
Completeness.
Understandable.
