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Quiz

Module 6

Catherine Tumanguil 10 questions

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Questions in this quiz (10)

  1. 11) Which of the following inventory control methods is most likely to be used for a product such as timber (1 × 200 cms, 2 × 400 cms, etc.) for which sales can be reliably forecast?
    1. Aa) JIT
    2. Bb) EOQ
    3. Cc) MRP
    4. Dd) ABC
  2. 22) Which of the following matches is performed in ERS?
    1. Aa) The vendor invoice with the receiving report
    2. Bb) The purchase order with the receiving report
    3. Cc) The vendor invoice with the purchase order
    4. Dd) The vendor invoice, the receiving report, and the purchase order
  3. 33) Which of the following is true?
    1. Aa) ERS systems involve a three-way match of purchase orders, receiving reports, and supplier invoices
    2. Bb) The main cost driver of the purchasing function is how many orders are processed
    3. Cc) The EOQ formula is used to identify when to reorder inventory
    4. Dd) A voucher package usually includes a debit memo
  4. 44) Which document is used to establish a contract for the purchase of goods or services from a supplier?
    1. Aa) A vendor invoice
    2. Bb) Purchase requisition
    3. Cc) Purchase order
    4. Dd) Payment voucher
  5. 55) Which method would provide the greatest efficiency improvements for the purchase of non-inventory items such as miscellaneous office supplies?
    1. Aa) Barcoding
    2. Bb) EDI
    3. Cc) Procurement cards
    4. Dd) Cash payments
  6. 66) Which of the following expenditure cycle activities can be eliminated through the use of IT or reengineering?
    1. Aa) Ordering goods
    2. Bb) Approving vendor invoices
    3. Cc) Receiving goods
    4. Dd) Cash payments
  7. 77) The order in which expenditure cycle activities usually proceed is:

    1. Aa) Receiving, approving, ordering, cash payment
    2. Bb) Approving, receiving, ordering, cash payment
    3. Cc) Ordering, receiving, approving, cash payment
    4. Dd) Cash payment, ordering, receiving, cash payment
  8. 88) Vendor-managed inventory program is used to:

    1. Aa) Reduce purchasing and inventory costs
    2. Bb) Allow purchases to be supplied by vendors anytime
    3. Cc) Increase inventory on hand so there are no stock outs
    4. Dd) Eliminate entire purchasing function
  9. 99) Which one of the following activities will improve the efficiency of receiving goods?

    1. Aa) EDI
    2. Bb) EFT
    3. Cc) ERS
    4. Dd) RFID
  10. 1010) Which document is used to record adjustments to accounts payable based on the return of unacceptable inventory to the supplier?
    1. Aa) Receiving report
    2. Bb) Credit memo
    3. Cc) Debit memo
    4. Dd) Purchase order

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Description
accounting Quiz on Module 6, created by Catherine Tumanguil on 02/11/2016.
Language
English
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