1. Which of the following departments is not part of the revenue cycle?

a. Billing department

b. Sales department

c. Shipping department

d. Accounts payable department

2- The payroll function adds to organisational success by: (i) ensuring that employees are paid in a timely and accurate manner (ii) ensuring high morale and confidence in staff (iii) complying with all legislative requirements (iv) controlling salary and wage costs.

a. (i) only

b. (i) (iv) only

c. (i) (iii) only

d. (i) (ii) (iii) (iv)

3- The general ledger and financial reporting cycle ________.

a. Summarises, adjusts, and reports on data from all previous operational cycles.

b. Summarises, adjusts, and reports on data from all current operational cycles.

c. Creates, adjusts, and summarises on data from all previous operational cycles.

d. Creates, adjusts, and summarises on data from all current operational cycles.

4- The purpose of budgeting is to:

a. Get a forecast of resource usage of the next financial year only.

b. Facilitate organisational planning and control.

c. Request more funding.

d. All of the options are correct.

5- In terms of the general ledger and financial reporting cycle, which of the following sequences is in the correct order?

a- create trial balance, perform bank reconciliation, adjusting journal entries, conduct

financial reporting

b- adjusting journal entries, create trial balance, perform bank reconciliation, conduct

financial reporting

c- perform bank reconciliation, create trial balance, adjusting journal entries, conduct

financial reporting

d- create trial balance, adjusting journal entries, perform bank reconciliation, conduct

financial reporting

6- Which of the following statements regarding budgets is true?

a. More aggregate budgets are more difficult to plan.

b. More aggregate budgets have sound usefulness during monitoring of performance due to

the abundance of information they provide.

c. Budgets can be set at two levels.

d. Budgets can be set for each different type of revenue and expense for each division as

contained in the chart of accounts.

7- An inability to retain existing staff members:

a. Allows for generational change to take place

b. Provides opportunities for existing staff members

c. Leads to expensive and disruptive staff replacements

d. All of the options are correct

8- Which of the following documents is/are given to customers? (i) shipping notice (ii) sales invoice (iii) remittance advice (iv) goods packing slip.

a. (i) (ii) (iii) only

b. (ii) (iii) (iv) only

c. (ii) (iii) only

d. (i) (ii) (iii) (iv)

9- Which of the following technologies is not directly relevant to the revenue cycle?

a. CRM

b. ERP

c. SCM

d. EDI

10-EDI stands for:

1. Electronic data interchange
2. Electronic departmental integration
3. Extensible digital information
4. Ecommerce data interchange