Podcast
Questions and Answers
True or false: Forms are only important for recording completed transactions in purchasing systems.
True or false: Forms are only important for recording completed transactions in purchasing systems.
False (B)
Forms are important for recording completed ______
Forms are important for recording completed ______
transactions
True or false: Forms should not include necessary instructions and signatures.
True or false: Forms should not include necessary instructions and signatures.
False (B)
Forms should be properly identified, numbered, and arranged ______
Forms should be properly identified, numbered, and arranged ______
True or false: The purchase request is initiated by the purchasing department only.
True or false: The purchase request is initiated by the purchasing department only.
They should also include necessary instructions and ______
They should also include necessary instructions and ______
True or false: The receiving report is for receiving ordered goods from customers.
True or false: The receiving report is for receiving ordered goods from customers.
Purchasing systems involve ordering goods and services, monitoring purchase orders, and processing ______
Purchasing systems involve ordering goods and services, monitoring purchase orders, and processing ______
The purchase request is initiated by different ______
The purchase request is initiated by different ______
True or false: Transaction processing systems are not important for efficient business operations.
True or false: Transaction processing systems are not important for efficient business operations.
The purchase order is an approved purchase ______
The purchase order is an approved purchase ______
True or false: The inventory system tracks inventory movements and costing only for raw materials.
True or false: The inventory system tracks inventory movements and costing only for raw materials.
The receiving report is for receiving ordered goods from ______
The receiving report is for receiving ordered goods from ______
True or false: The general journal system records transactions only for accounting journals.
True or false: The general journal system records transactions only for accounting journals.
True or false: The system components do not include payroll slips.
True or false: The system components do not include payroll slips.
The purchase return slip is for returning defective ______
The purchase return slip is for returning defective ______
True or false: The system is not designed to handle various financial transactions and maintain accurate records.
True or false: The system is not designed to handle various financial transactions and maintain accurate records.
Transaction processing systems are important for efficient business ______
Transaction processing systems are important for efficient business ______
True or false: The billing and collection system does not monitor billing and collections per customer.
True or false: The billing and collection system does not monitor billing and collections per customer.
Forms and systems should consider internal control ______
Forms and systems should consider internal control ______
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Study Notes
- Forms are important for recording completed transactions.
- Forms should be properly identified, numbered, and arranged logically.
- They should also include necessary instructions and signatures.
- Purchasing systems involve ordering goods and services, monitoring purchase orders, and processing receipts.
- The purchase request is initiated by different departments.
- The purchase order is an approved purchase request.
- The receiving report is for receiving ordered goods from suppliers.
- The purchase return slip is for returning defective goods.
- Transaction processing systems are important for efficient business operations.
- Forms and systems should consider internal control requirements.
- The system has multiple components including suppliers database, reports, and delivery system.
- Accounts payable and disbursement system processes vendor invoices and payments.
- Payroll system includes payroll register and government remittances.
- Delivery system generates delivery receipts and tracks customer data.
- Billing and collection system monitors billing and collections per customer.
- Inventory system tracks inventory movements and costing.
- General journal system records transactions not appropriate for other journals.
- System components include voucher and check registers, payroll slips, and reports.
- Other components include voucher and check printing, customer databases, and financial reports.
- The system is designed to handle various financial transactions and maintain accurate records.
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