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    C. Is Sent by Vendor To Accounts Payable

    Uploaded by

    Carlo Solano
    This document contains 10 multiple choice questions that test knowledge of accounts payable and cash disbursement processes. The questions cover topics such as the purpose of supplier invoices, separation of duties between accounts payable and cash disbursements, and optimizing payment timing to take advantage of early payment discounts.

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    C. Is Sent by Vendor To Accounts Payable

    Uploaded by

    Carlo Solano
    18 views2 pages
    This document contains 10 multiple choice questions that test knowledge of accounts payable and cash disbursement processes. The questions cover topics such as the purpose of supplier invoices, separation of duties between accounts payable and cash disbursements, and optimizing payment timing to take advantage of early payment discounts.

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    This document contains 10 multiple choice questions that test knowledge of accounts payable and cash disbursement processes. The questions cover topics such as the purpose of supplier invoices, separation of duties between accounts payable and cash disbursements, and optimizing payment timing to take advantage of early payment discounts.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    18 views2 pages

    C. Is Sent by Vendor To Accounts Payable

    Uploaded by

    Carlo Solano
    This document contains 10 multiple choice questions that test knowledge of accounts payable and cash disbursement processes. The questions cover topics such as the purpose of supplier invoices, separation of duties between accounts payable and cash disbursements, and optimizing payment timing to take advantage of early payment discounts.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    1.

    A supplier invoice
    a. is included with the goods
    b. shows what was ordered even if all was not shipped
    c. is sent by vendor to accounts payable
    d. none of the above
    asdasdasdasdas
    ANS: C

    2. The cash disbursement function is


    a. part of accounts payable
    b. an independent accounting function
    c. a treasury function
    d. part of the general ledger department

    ANS: C

    3. Goods received are inspected and counted to


    a. determine that the goods are in good condition
    b. determine the quantity of goods received
    c. preclude payment for goods not received or received in poor condition
    d. all of the above

    ANS: D

    4. In regards to the accounts payable department, which statement is not true?


    a. the purchase requisition shows that the transaction was authorized
    b. the purchase order proves that the purchase was required
    c. the receiving report provides evidence of the physical receipt of the goods
    d. the supplier’s invoice indicates the financial value of the transaction

    ANS: B

    5. In a firm with proper segregation of duties, adequate supervision is most critical in


    a. purchasing
    b. receiving
    c. accounts payable
    d. general ledger

    ANS: B

    6. Of the following duties, it is most important to separate


    a. warehouse from stores
    b. warehouse from inventory control
    c. accounts payable and accounts receivable
    d. purchasing and accounts receivable
    ANS: B

    7. Authorization for payment of an accounts payable liability is the responsibility of


    a. inventory control
    b. purchasing
    c. accounts payable
    d. cash disbursements

    ANS: C

    8. When a cash disbursement in payment of an accounts payable is recorded


    a. the liability account is increased
    b. the income statement is changed
    c. the cash account is unchanged
    d. the liability account is decreased

    ANS: D

    9. The cash disbursement clerk performs all of the following tasks except
    a. reviews the supporting documents for completeness and accuracy
    b. prepares checks
    c. signs checks
    d. marks the supporting documents paid

    ANS: C

    10. To maintain a good credit rating and to optimize cash management, cash disbursements should
    arrive at the vendor’s place of business
    a. as soon as possible
    b. on the due date
    c. on the discount date
    d. by the end of the month

    ANS: C

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