1.Payroll checks are typically drawn on *

A.the regular checking account B.a payroll imprest account C.petty cash D.a wages payable account

2.In a firm with proper segregation of duties, adequate supervision is most critical in *

A. receiving B. purchasing C. general ledger D. accounts payable

3.The Fixed Asset Systems does all of the following except *

A.records improvements to assets B.records the disposal of assets C.records acquisition of assets D.estimates the fair market value of assets in service

4.In regards to the accounts payable department, which statement is not true? *

A.the suppliers invoice indicates the financial value of the transaction B. the purchase order proves that the purchase was required C. the purchase requisition shows that the transaction was authorized D. the receiving report provides evidence of the physical receipt of the goods

5.Objectives of the Fixed Asset System do not include *

A.computing gain and/or loss on disposal of fixed assets B.maintaining a record of the fair market value of all fixed assets C.recording depreciation expense D.authorizing the acquisition of fixed assets