Electronic Data – Accounting And Finance Test

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Electronic Data – Accounting And Finance Test

The key terms in these Finance chapters include Electronic Data.


A way to incorporate the advantages of Electronic Data Interchange with the Electronic Funds Transfer is

an electronic lockbox.

to use procurement cards.

e-commerce.

Financial Electronic Data Interchange.Correct


Which of the following controls can minimize the threat of stockouts and excess inventory?

Do not inform receiving employees about quantity ordered.

The use of positive pay.

Perpetual inventory system.Correct

The use of ERS.


One of the basic activities in the expenditure cycle is the receiving and storage of goods, supplies, and services. What is the counterpart of this activity in the revenue cycle?

shipping functionCorrect

cash payments activity

cash collection activity

sales order entry process


Detailed data about reasons for warranty and repair costs is considered an applicable control used to mitigate the threat of

poor product design.Correct

overproduction.

underproduction.

suboptimal investment of fixed assets.


In addition to identifying and dealing with defective products before they reach customers, quality management is concerned with initiating process changes that will reduce the number of defective units produced. All other things held constant, a decrease in the number of defective units will increase throughput by

increasing productive processing time.

increasing yield.Correct


Which of the following is not proposed to be an advantage of activity-based costing?

Better product pricing decisions.

Better decision.

Less complex than traditional cost systems.Correct


A way to incorporate the advantages of Electronic Data Interchange with the Electronic Funds Transfer is

an electronic lockbox.

to use procurement cards.

e-commerce.

Financial Electronic Data Interchange.Correct


Which of the following controls can minimize the threat of stockouts and excess inventory?

Do not inform receiving employees about quantity ordered.

The use of positive pay.

Perpetual inventory system.Correct

The use of ERS.


One of the basic activities in the expenditure cycle is the receiving and storage of goods, supplies, and services. What is the counterpart of this activity in the revenue cycle?

shipping functionCorrect

cash payments activity

cash collection activity

sales order entry process


Which of the following is not an activity performed in the expenditure cycle?

shippingCorrect

receiving

cash disbursement

Ordering


Which of the following controls can minimize the threat of errors in supplier invoices?

The use of positive pay.

Do not inform receiving employees about quantity ordered.

The use of ERS.Correct

Perpetual inventory system.


In addition to identifying and dealing with defective products before they reach customers, quality management is concerned with initiating process changes that will reduce the number of defective units produced. All other things held constant, a decrease in the number of defective units will increase throughput by

increasing productive processing time.

increasing yield.Correct

Just-In-Time (JIT) inventory is best characterized by

frequent deliveries of large quantities to be held at the work centers.

frequent deliveries of smaller quantities of items to the work centers.Correct

infrequent bulk deliveries of items directly to work centers.

less frequent deliveries of large quantities of goods to central receiving.


A way to incorporate the advantages of Electronic Data Interchange with the Electronic Funds Transfer is

an electronic lockbox.

to use procurement cards.

e-commerce.

Financial Electronic Data Interchange.Correct


Which of the following controls can minimize the threat of stockouts and excess inventory?

Do not inform receiving employees about quantity ordered.

The use of positive pay.

Perpetual inventory system.Correct

The use of ERS.


One of the basic activities in the expenditure cycle is the receiving and storage of goods, supplies, and services. What is the counterpart of this activity in the revenue cycle?

shipping functionCorrect

cash payments activity

cash collection activity

sales order entry process


Which of the following controls can minimize the threat of errors in supplier invoices?

The use of positive pay.

Do not inform receiving employees about quantity ordered.

The use of ERS.Correct

Perpetual inventory system.


Just-In-Time (JIT) inventory is best characterized by

frequent deliveries of large quantities to be held at the work centers.

frequent deliveries of smaller quantities of items to the work centers.Correct

infrequent bulk deliveries of items directly to work centers.

less frequent deliveries of large quantities of goods to central receiving.


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