1. Which of the following is (are) true regarding an imprest fund?
   1. It has a flexible amount available.
   2. Vouchers are required for each disbursement.
   3. The sum of the cash and the vouchers should be equal to a preset value.
   4. Both a. and b. are true.
   5. Both b. and c. are true.
2. Which of the following control procedures mitigates the threat of duplicate payments?
   1. Invoices should be approved for payment only when accompanied by a valid purchase order.
   2. Photocopied invoices can be paid.
   3. When an invoice is paid, the invoice and the entire voucher package should be canceled (for example marked paid) in a way that it cannot be submitted again.
   4. When evaluated receipt settlement (invoiceless system) is used, receiving reports need not be marked as paid as no invoices are generated.
   5. None of the statements above are true.
3. Which of the following processes is ideal for automation?
   1. Matching supplier invoices to purchase orders and receiving reports
   2. Auditing of supplier records
   3. Identifying preferred suppliers
   4. Creation of a purchase order
   5. None of the above
4. Which of the following cannot act as a control to the threat of errors in supplier invoices?
   1. Require detailed receipts for all procurement card purchases
   2. Data entry edit controls
   3. Restrict access to supplier master data
   4. Utilize evaluated receipt settlement
   5. Verification of the freight bill
5. Which of the following is not a threat to activities associated with ordering?
   1. Accepting unordered items
   2. Not taking advantage of discounts offered
   3. Theft of inventory
   4. All of the above
   5. None of the above