24. The journal voucher is used to

a) Advise the vendor that the goods arrived safely

b) Advise general ledger of the accounting entry to be made

c) Accompany physical inventories to the storeroom or warehouse

d) Advise the purchasing department of the dollar value of the goods delivered

25. A blind copy of the purchase order is sent to receiving function is due to the reason of

a) Informing them of the type, quantity, and price of items to be received

b) Forcing them to perform count of the items received

c) Requiring that the goods received are inspected

d) Informing them when a shipment is due

26. Entries into the general ledger system (GLS) can be made using information from

a) A journal voucher which represents a summary of dissimilar transactions

b) The general journal

c) A journal voucher which represents a single, usual transaction

d) All of the above

27. Which situation does not indicate an internal control risk in the general ledger/financial reporting systems (GL/FRS)?

a) The employee who maintains the cash receipts journal also records transactions in the fixed asset subsidiary ledger

b) The cash receipts journal vouchers are coded and stored in mailroom

c) The cash receipts journal voucher is approved by the Treasurer

d) The employee who maintains the cash journal also has the custody of the cash received

28. The fixed asset system performs which of the following?

a) Maintains and disposes depreciation records

b) Determines the need for new assets

c) Tracks the movement of fixed assets

d) Records retirement and disposal of assets

29. The receiving report is utilized to

a) Record receipt of goods from vendors

b) Record receipt of goods from supplier and customers

c) Record receipt of goods from warehouse clerk

d) Authorize the purchasing department to order goods

30. Financial statements initially rooted from

a) General ledger

b) Trial balance

c) General journal

d) Adjusted trial balance

31. The decision to changing production layout is an example of

a) Management control

b) Operational control

c) Tactical planning

d) Strategic planning

32. In the expenditure cycle, general ledger

a) Reconcile the inventory control account with the fixed asset subsidiary summary

b) Post the journal voucher from the receiving department

c) Post the account summary from selling department

d) Post the journal voucher from the accounts payable department

33. In a firm with proper segregation of duties, adequate supervision is least critical in

a) Warehouse

b) Accounts receivable

c) Purchasing

d) Receiving