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CH10Q_GRP.1 D 1.

The major risk exposures associated with the receiving department include all of the following except a. goods are accepted without a physical count b. there is no inspection for goods damaged in shipment c. inventories are not secured on the receiving dock d. the audit trail is destroyed A 2. Because of time delays between receiving inventory and making the journal entry a. liabilities are usually understated b. liabilities are usually overstated c. liabilities are usually correctly stated d. none of the above D 3. All of the following departments have a copy of the purchase order except a. the purchasing department b. the receiving department c. accounts payable d. general ledger C 4. Authorization for payment of an accounts payable liability is the responsibility of a. inventory control b. purchasing c. accounts payable d. cash disbursements B 5. 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 suppliers invoice indicates the financial value of the transaction C 6. The open purchase order file in the purchasing department is used to determine a. the quality of items a vendor ships b. the best vendor for a specific item c. the orders that have not been received d. the quantity of items received C 7. The purpose of the purchase requisition is to a. order goods from vendors b. record receipt of goods from vendors c. authorize the purchasing department to order goods d. bill for goods delivered B 8. In a firm with proper segregation of duties, adequate supervision is most critical in a. purchasing b. receiving c. accounts payable d. general ledger A 9. Which document is least important in determining the financial value of a purchase? a. purchase requisition b. purchase order c. receiving report d. suppliers invoice A 10. The documents in a voucher packet include all of the following except a. a check b. a purchase order c. a receiving report d. a suppliers invoice D 11. When a copy of the receiving report arrives in the purchasing department, it is used to a. adjust perpetual inventory records b. record the physical transfer of inventory from receiving to the warehouse c. analyze the receiving departments process

d. recognize the purchase order as closed B 12. The reason that a blind copy of the purchase order is sent to receiving is to a. inform receiving when a shipment is due b. force a count of the items delivered c. inform receiving of the type, quantity, and price of items to be delivered d. require that the goods delivered are inspected B 13. Which of the following statements is not correct? a. the voucher system is used to improve control over cash disbursements b. the sum of the paid vouchers represents the voucher payable liability of the firm c. the voucher system permits the firm to consolidate payments of several invoices on one voucher d. many firms replace accounts payable with a voucher payable system C 14. 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 A 15. In a merchandising firm, authorization for the purchase of inventory is the responsibility of a. inventory control b. purchasing c. accounts payable d. cash disbursements F 16. The accounts payable department reconciles the accounts payable subsidiary ledger to the control account. F 17. The receiving report is prepared by the vendor to provide evidence that the purchase order was received. F 18. Inspection of shipments in the receiving department would be improved if the documentation showed the value of the inventory. T 19. Proper segregation of duties requires that the responsibility approving a payment be separated from posting to the cash disbursements journal. T 20. An automated cash disbursements system can yield better cash management since payments are made on time. T 21. If accounts payable receives an invoice directly from the supplier it needs to be reconciled with the purchase order and receiving report. T 22. Firms that wish to improve control over cash disbursements use a voucher system. T 23. The personnel department authorizes changes in employee pay rates. T 24. In non-manufacturing firms, purchasing decisions are authorized by inventory control. F 25. To improve internal control, paychecks should be distributed by the employee's supervisor. F 26. A purchasing system that employs electronic data interchange does not use a purchase order. F 27. A three way match involves a purchase order, a purchase requisition, and an invoice. T 28. When goods are received, the receiving clerk sends copies of the receiving report to the inventory control clerk and the AP clerk.

T 29. When a trading partner agreement is in place, the traditional three way match may be eliminated. F 30. The inventory procurement process begins with the purchasing clerk preparing a purchase order.