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  • Ais 15

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    Venice Marie Arroyo
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    The document contains 7 multiple choice questions testing knowledge of business concepts like the revenue cycle, inventory control, fixed asset acquisition, and accounts payable. The questions cover topics such as which step is not part of fixed asset controls, the beginning of the fixed asset acquisition process, which edit check is not used for customer orders, whether responding to customer inquiries is a strategic decision, whether custody and record keeping of inventory should be separated, which step deals with identifying inventory needs, and which document identifies supplier details for payment.

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    AIS 15

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    The document contains 7 multiple choice questions testing knowledge of business concepts like the revenue cycle, inventory control, fixed asset acquisition, and accounts payable. The questions cover topics such as which step is not part of fixed asset controls, the beginning of the fixed asset acquisition process, which edit check is not used for customer orders, whether responding to customer inquiries is a strategic decision, whether custody and record keeping of inventory should be separated, which step deals with identifying inventory needs, and which document identifies supplier details for payment.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    14 views1 page

    Ais 15

    Uploaded by

    Venice Marie Arroyo
    The document contains 7 multiple choice questions testing knowledge of business concepts like the revenue cycle, inventory control, fixed asset acquisition, and accounts payable. The questions cover topics such as which step is not part of fixed asset controls, the beginning of the fixed asset acquisition process, which edit check is not used for customer orders, whether responding to customer inquiries is a strategic decision, whether custody and record keeping of inventory should be separated, which step deals with identifying inventory needs, and which document identifies supplier details for payment.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    1. Which is not included in FAS Controls?

    a)Authorization
    b)Supervision
    c)Independent Verification
    d)Acquisition

    2. Asset Acquisition begins when a department manager determines that an old fixed
    asset needs to be replaced or that a new asset is warranted. True

    3. Which is not among the three edit checks related to taking customer order
    information?
    a)Completeness check
    b)Understandability check
    c)Validity check
    d)Reasonableness check

    4. Responding to customer inquiries is one of the revenue cycle business decision on a


    strategic level. False

    5. Custody of inventory should not be separated from record keeping. False

    6. This phase deals with identifying the need – what to buy – how much of it – and when it
    is needed for 
    a.Purchase order
    b.Delivery
    c.Purchase Requisition
    d.Goods receipt

    7. Identifies the supplier, lists the outstanding invoices, and indicates the net amount to
    be paid after deducting any applicable discounts and allowances
    a.General ledger
    b.Disbursement voucher
    c.Journal
    d.None of the above

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