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3Q Transaction Processing

Authored by JC Jang

Specialty, Business

KG - University

Used 4+ times

3Q Transaction Processing
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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

The bill of lading is a legal contract between the buyer and the seller.

True

False

2.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

The purpose of the invoice is to bill the customer.

True

False

3.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

The revenue cycle consists of

one subsystem–order entry

two subsystems–sales order processing and cash receipts

two subsystems–order entry and inventory control

three subsystems–sales order processing, credit authorization, and cash receipts

4.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Which document triggers the revenue cycle?

the sales order

the customer purchase order

the sales invoice

the journal voucher

5.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

At which point is supervision most critical in the cash receipts system?

accounts receivable

general ledger

mail room

cash receipts

6.

MULTIPLE CHOICE QUESTION

45 sec • 5 pts

Which of following functions should be segregated?

opening the mail and making the journal entry to record cash receipts

authorizing credit and determining reorder quantities

maintaining the subsidiary ledgers and handling customer queries

providing information on inventory levels and reconciling the bank statement

7.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Purchasing decisions are authorized by inventory control.

True

False

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