This quiz works best with JavaScript enabled. Home > Accounting > Accounting Information Systems > Accounting Information Systems – Quiz 11 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Accounting Information Systems Quiz 11 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which source document will be received by a business when it purchases goods on credit from its supplier? A) Credit note. B) Invoice. C) Payment voucher. D) Receipt. Show Answer Correct Answer: B) Invoice. 2. Enterprise resource planning (ERP) systems are typically used by companies with revenues of less than $ 1000 million and up to 10.000 employees A) True. B) False. Show Answer Correct Answer: A) True. 3. If a transaction cannot be recorded in a special journal, it is A) Not recorded. B) Recorded in the general journal. C) A correcting entry. D) An error. Show Answer Correct Answer: B) Recorded in the general journal. 4. Which source document, approved by authorised personnel and supported by the original supplier's invoice, is used to process payment to credit suppliers? A) Credit note. B) Payment voucher. C) Remittance advice. D) Debit note. Show Answer Correct Answer: B) Payment voucher. 5. Hazards resulting from receiving goods that were not ordered What internal control methods should be in place? A) Compare with approved purchase order. B) Give the number in advance on the receipt. C) The number of units of the product is not specified on the purchase order submitted to the receiving department. D) Check the product count to match the delivery note from the seller. Show Answer Correct Answer: A) Compare with approved purchase order. 6. Which is not an internal control over purchases? The product is on credit. A) There must be a clear separation of duties. B) The purchase document is numbered. products in advance. C) In each purchase approval is required Every order is in writing. D) There are no written regulations for working. Show Answer Correct Answer: D) There are no written regulations for working. 7. What do Business Documents mean? A) Business documents. B) Document business. C) Proof of trading. D) Business circle. Show Answer Correct Answer: A) Business documents. 8. A customer paid cash for computer parts bought from the business. A) Invoice. B) Receipt. C) Debit note. D) Credit note. E) Payment voucher. Show Answer Correct Answer: B) Receipt. 9. When preparing discretionary reports, organizations can choose what information to report and how to present it. A) TRUE. B) FALSE. Show Answer Correct Answer: A) TRUE. 10. Which level of management is responsible for controlling day-to-day operations? A) Top management. B) Middle management. C) Operations management. D) Executive management. Show Answer Correct Answer: C) Operations management. 11. Accounts Receivable and Accounts Payable are examples of A) Nominal accounts. B) Subsidiary ledger accounts. C) Controlling accounts. D) Both nominal accounts and controlling accounts. Show Answer Correct Answer: C) Controlling accounts. 12. An effective accounting information system that provides relevant information ..... A) Reduces the cost of employing an accounting information system. B) Improves decision making and reduces uncertainty. C) Increases the likelihood of fraud and errors. D) Improves the accuracy of data entry when manual. Show Answer Correct Answer: B) Improves decision making and reduces uncertainty. 13. What is the accounting theory that states that all transactions must be recorded at the original cost at which they occurred? A) Historical cost. B) Original cost. C) Objectivity. D) Monetary . Show Answer Correct Answer: A) Historical cost. 14. The sales system where buyers come to the company, select goods and pay is called A) Its CODE. B) Over the counter sale. C) Unatted gasoline station. D) Credit card bisiness. Show Answer Correct Answer: B) Over the counter sale. 15. At the beginning of the month, the accounts receivable subsidiary ledger showed balances for AppleCompany $ 5, 000 and Berry Company $ 7, 000. Duringthe month, credit sales were made to Apple $ 6, 000, Berry $ 4, 500, and Cantaloupe $ 8, 500. Cash was collected on account from Berry $ 11, 500 and Cantaloupe$ 3, 000. At the end of the month, the control accountAccounts Receivable in the general ledger shouldhave a balance of: A) $ 11, 000. B) $ 12, 000. C) $ 16, 500. D) $ 31, 000. Show Answer Correct Answer: C) $ 16, 500. 16. What is the meaning of financial information system? A) Accounting information system. B) Financial information system. C) Money information system. D) System. Show Answer Correct Answer: B) Financial information system. 17. The following statements are inappropriate about the system: A) Every system consists of elements. B) This element is an integrated part of the system in question. C) A system is part of another larger system. D) A system is established based on their respective vision and mission. Show Answer Correct Answer: C) A system is part of another larger system. 18. Which is the benefit of the expense accounting information system to the operations of the business in preparing reports for users outside the business? A) Preparation of purchase requisition. B) Preparing a report on purchase orders that have not yet been received. C) Preparation of payment checks. D) Preparation of creditor details report. Show Answer Correct Answer: C) Preparation of payment checks. 19. Which item is classified as information? A) Toy price tag. B) Calculating income-expenses. C) Amount remaining from purchase. D) Calculating profits from sales. Show Answer Correct Answer: A) Toy price tag. 20. The Management Reporting System provides the internal financial information needed to manage a business. A) TRUE. B) FALSE. Show Answer Correct Answer: A) TRUE. ← PreviousNext →Related QuizzesAccounting QuizzesAccounting Information Systems Quiz 1Accounting Information Systems Quiz 2Accounting Information Systems Quiz 3Accounting Information Systems Quiz 4Accounting Information Systems Quiz 5Accounting Information Systems Quiz 6Accounting Information Systems Quiz 7Accounting Information Systems Quiz 8Accounting Information Systems Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books