Answer the following Multiple choice questions.

1. When purchased goods are received, which of the following tasks should be completed in the receiving area?

a. Documenting the details of the receipt, before the carrier leaves.

b. An inspection of the goods - quantity counted and condition assessed.

c. Match the purchase order, the receiving report, and the purchase invoice to be sure that they agree. *

d. Preparation of a receiving report detailing the contents and condition of the goods.

2. Internal control activities within the purchasing process, identified as segregation of duties, would include all of the following, except:

a.Responsibility for authorization, custody, and record keeping are to be assigned to * different individuals.

b. Complete separation of inventory custody from inventory accounting.

c. Purchasing records and programs must be protected from unauthorized access

d. Duties related to requisitioning, ordering, purchase approval, receiving, inventory control, accounts payable, and general accounting are to be delegated to separate departments or individuals.

3. Which account appears on the post closing trial balance

Select one:

O a. sales

O b. rent expense

.machinery

O d. interest income

4. When a checkout clerk in a point of sale system scans an item, which files are Automatically updated?

Select one:

O a.inventory, cash

O b.Quantity on hand, selling price

O .Inventory quantity on hand, sales

O d. Sales, accounts receivable

5. Which statement is true of a Management Information System (MIS)?

Select one:

a. MIS handles batch processing of financial transactions

b.MIS processes transactions that arise from an economic event

C. MIS is handled by three major subsystems - data input, general ledger/financial reporting and management reporting

d. MIS processes additional non-financial transactions that contribute to the decision making of managers