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Questions and Answers
True or false: Forms should not include instructions to avoid confusion.
False
True or false: A check register is a complex form of cash disbursements.
False
True or false: The check register is a more complex form of cash disbursements.
False
True or false: Check register is a more complex form of cash disbursements.
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True or false: Check register is a more complex form of cash disbursements.
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True or false: Business forms do not provide any historical record of completed transactions.
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True or false: Business forms do not provide a historical record of completed transactions.
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True or false: General journal is used only for transactions that cannot be recorded in any other special journal.
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True or false: The general journal is used for transactions that cannot be recorded in any other special journal.
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True or false: The General Journal system is used for all types of transactions.
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True or false: Forms should be properly identified, serially numbered, and carry necessary instructions.
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True or false: Forms do not need to be properly identified, serially numbered, and carry necessary instructions.
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True or false: Business forms do not provide a historical record of completed transactions.
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True or false: The Accounts Payable system includes voucher and check registers.
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True or false: Business forms do not provide a historical record of completed transactions.
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True or false: The Billing and Collection system tracks inventory movements.
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True or false: Forms should be properly identified, serially numbered, and carry necessary instructions.
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True or false: Purchasing systems do not handle the ordering of goods and services.
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True or false: Purchasing systems are only concerned with ordering goods.
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True or false: Forms should be properly identified, serially numbered, and carry necessary instructions.
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True or false: Purchase requests are initiated by the purchasing department only.
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True or false: The Accounts Payable system does not include voucher and check registers.
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True or false: The Purchase Order system includes approved purchase requests.
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True or false: Forms should not logically arrange data and facilitate the recording of data.
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True or false: Forms should not logically arrange data and facilitate the recording of data.
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True or false: Forms should not provide for necessary signatures with dates, title, and identifying data.
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True or false: Forms should provide for necessary signatures with dates, title, and identifying data.
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True or false: The Accounts Payable system includes voucher and check registers.
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True or false: The Delivery system handles the issuance of delivery receipts.
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True or false: The General Journal system is used for recording all types of transactions.
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True or false: The Inventory system tracks inventory movements and costing but does not include receiving reports and stock issuance slips.
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True or false: The Inventory system includes sales invoice and official receipt generators.
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True or false: The Inventory system does not track inventory movements and costing.
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True or false: Forms do not need to consider internal control requirements.
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True or false: Forms should not consider internal control requirements.
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True or false: Purchasing systems are not concerned with ordering goods and services.
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True or false: The General Journal system is used for transactions that can be recorded in other special journals.
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True or false: The Purchasing system is concerned with ordering goods and services.
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True or false: Purchasing systems are concerned with ordering goods and services.
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True or false: The company only uses one system for tracking billing and collections.
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True or false: Purchase requests are initiated by different departments as the basis for purchasing.
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True or false: Purchasing systems do not monitor purchase orders and process receipts.
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True or false: The General Journal system includes a template and a chart of accounts.
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True or false: The General Journal system includes a chart of accounts.
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True or false: The General Journal system does not include a chart of accounts.
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True or false: The company uses reports to track order discrepancies and inventory costing.
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True or false: The General Journal system is used for recording all types of transactions.
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True or false: The company does not use any reports to track order discrepancies or aging of open invoices.
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True or false: The company does not use any reports to track PR and PO listings, order discrepancies, A/P summary, aging of open invoices, and paid and unpaid billing.
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True or false: Purchase requests are initiated by different departments as the basis for purchasing.
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Study Notes
- Check register is a simplified form of cash disbursements.
- General journal is used for transactions that cannot be recorded in any other special journal.
- Business forms provide a historical record of completed transactions.
- Forms should be properly identified, serially numbered, and carry necessary instructions.
- Forms should logically arrange data and facilitate the recording of data.
- Forms should provide for necessary signatures with dates, title, and identifying data.
- Forms should consider internal control requirements.
- Purchasing systems are concerned with ordering goods and services.
- Purchasing systems monitor purchase orders and process receipts.
- Purchase requests are initiated by different departments as the basis for purchasing.
- The company has several systems, including Purchase Orders, Accounts Payable, Payroll, Delivery, Billing and Collection, Inventory, and General Journal.
- The Purchase Order system includes approved purchase requests, receiving reports, and purchase return slips.
- The Accounts Payable system processes vendor invoices, payments, and adjustments, and includes voucher and check registers.
- The Payroll system includes payroll registers, payslip printing, cash advance listings, and government remittances.
- The Delivery system handles the delivery of goods and issuance of delivery receipts.
- The Billing and Collection system monitors billing and collections per customer and includes sales invoice and official receipt generators.
- The Inventory system tracks inventory movements and costing and includes receiving reports and stock issuance slips.
- The General Journal system is used for transactions that cannot be recorded in other special journals.
- The General Journal system includes a template and a chart of accounts.
- The company uses various reports to track PR and PO listings, order discrepancies, A/P summary, aging of open invoices, and paid and unpaid billing.
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Description
Test your knowledge of basic accounting systems and processes with this quiz! From check registers to general journals, business forms to purchasing systems, this quiz covers a range of topics relevant to accounting professionals. Put your skills to the test as you answer questions about the different types of business forms, the functions of various accounting systems, and the importance of internal controls. With keywords specific to the quiz topic included in each question, this quiz is a great way to refresh your accounting knowledge and stay up-to-date with best
