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11.When purchasing inventory, which document usually triggers the recording of a liability?

a.

purchase requisition

b.

purchase order

c.

receiving report

d.

supplier's invoice

12.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

13.Usually the open voucher payable file is organized by

a.

vendor

b.

payment due date

c.

purchase order number

d.

transaction date

14.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

15.In the expenditure cycle, general ledger does not

a.

post the journal voucher from the accounts payable department

b.

post the account summary from inventory control

c.

post the journal voucher from the purchasing department

d.

reconcile the inventory control account with the inventory subsidiary summary

16.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 supplier's invoice

17.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

18.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

19.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

20.The receiving department is not responsible to

a.

inspect shipments received

b.

count items received from vendors

c.

order goods from vendors

d.

safeguard goods until they are transferred to the warehouse

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