Question 21

A:

The evaluated receipt settlement (2-way match) increase efficiency by:

• Eliminating the need for purchase orders
• Eliminating the need for receiving reports
• Eliminating the need for vendor invoices
• Eliminating the need to prepare remittance advice.
• Eliminating the need to prepare and mail checks.

B:

The benefits of XBRL include.

Both of the following benefits of XBRL 1(organizations only need to publish financial information only once. Using standard XBRL tags ) 2(tagged date is readable and interpreted by computers, so users dont need to re-enter data in order to work with it.

• Better decision making for internal (managerial reporting)
• None of the choices are benefits of XBRL
• Tagged data is readable and interpretable by computer so users dont need dot reenter data in order to work with it.
• Organizations only need to publish financial information only once and using standard XBRL tags

C:

Which of the following managerial report for monitoring performance from General Ledger and Reporting Process?

• Accounts receivable aging report.
• Cash Flow budget
• Budget vs actual spending by department
• Labor efficiency variance report

D:

The --------- is a legal contract that defines responsibility for goods that are in transit:

• Bill of lading
• Back order
• Sales Order
• Picking list
• Packing slip

E:

Documents that are sent to customers or suppliers and then sent back to the organization in the course of a business transaction are known as:

• Order acknowledgment
• Turnaround document
• Rubber or bounce back.
• Source data automation
• Information documents

F:

The general ledger uses the account code 610-1100. The 610 represent supplies expense and 1100 represents the accounting department, which of the following type of coding being employed.

• Back
• Group
• Mnemonic
• Sequence