Professional Documents
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XX AT.06.07-Transaction-Cycles-Part-2 - STUD
XX AT.06.07-Transaction-Cycles-Part-2 - STUD
XX AT.06.07-Transaction-Cycles-Part-2 - STUD
San Sebastian
Lipa City, Batangas, Philippines
Mobile : 0927 283 8234
Telephone : (043) 723 8412
Gmail : icarecpareview@gmail.com
A. General journal
B. General ledger
C. Special journal
D. Subsidiary ledger
A. System flowchart
B. Data flow diagram
C. Process map
D. Entity relationship diagram
5. Which of the following documents triggers the start of the purchase to pay
process?
A. Vendor’s invoice
B. Purchase order
C. Receiving report
D. Purchase requisition
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JABELLAR/AJABINAL/AIBAY/RBERCASIO/JMAGLINAO/ASARMIENTO
No. 125 Brgy. San Sebastian
Lipa City, Batangas, Philippines
Mobile : 0927 283 8234
Telephone : (043) 723 8412
Gmail : icarecpareview@gmail.com
7. Which of the following can be a probing question to study the control over
completeness of purchase transactions?
A. Are prenumbered POs, receiving reports, and vouchers used, and are the
entire sequences accounted for?
B. Is an authorized PO required before the receiving department can accept a
shipment or the accounts payable department can record a voucher?
C. Are prenumbered purchase requisitions used, and are they subsequently
matched with vendor invoices?
D. Is there a regular reconciliation of the inventory records with the file of unpaid
vouchers?
9. S1: It is necessary for the purchasing department to set up the proper procedures
to avoid problems related to cutoff issues.
S2: Independent reconciliation of the accounts payable subsidiary ledger to the
general ledger control account will help to assure that all inventories has been
properly recorded.
S3: The cash disbursement process must be designed to ensure that the company
appropriately records all accounts payable transactions.
10. S1: Designated members of management should be given the responsibility for
authorizing the actual payments and sign their signatures on the face of the check.
S2: In order to institute an automated matching system, all of the relevant files
must exist in the same physical room.
S3: A user who logs in to the computer-based accounting system to enter invoices
should also have access to the portion of the system that would allow her / him to
order goods.
11. A computer software technique in which the computer software matches an invoice
to its related purchase order and receiving report is called a(n):
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JABELLAR/AJABINAL/AIBAY/RBERCASIO/JMAGLINAO/ASARMIENTO
No. 125 Brgy. San Sebastian
Lipa City, Batangas, Philippines
Mobile : 0927 283 8234
Telephone : (043) 723 8412
Gmail : icarecpareview@gmail.com
12. This control requires the approval and signature of two authorized persons, which
reduces the risk of significant fraud or error.
A. Double Remittance
B. Duo-Authorization
C. Bi-Sign
D. Dual Signature
13. For a given pay period, the complete listing of paychecks for the pay period is a
A. Payroll ledger
B. Payroll journal
C. Payroll register
D. Paymaster
14. For sustainable risk management, the department that should authorize new
employees for payroll would be
A. Payroll
B. Human resources
C. Cash disbursement
D. General ledger
A. Controller
B. Treasurer
C. Chief executive officer (CEO)
D. Chief Financial Officer (CFO)
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JABELLAR/AJABINAL/AIBAY/RBERCASIO/JMAGLINAO/ASARMIENTO
No. 125 Brgy. San Sebastian
Lipa City, Batangas, Philippines
Mobile : 0927 283 8234
Telephone : (043) 723 8412
Gmail : icarecpareview@gmail.com
A. Total balances in a subsidiary ledger should always equal the balance in the
corresponding general ledger account.
B. The general ledger maintains details of subaccounts.
C. Control is enhanced by separating the subsidiary ledger from the general
ledger.
D. Reconciling a subsidiary ledger to the general ledger can help to detect errors
or fraud.
20. General ledger employees should record approved journal vouchers from other
business process, but they should not
“Motivation gets you going, but discipline keeps you growing. That's the Law of
Consistency. It doesn't matter how talented you are. It doesn't matter how many
opportunities you receive. If you want to grow, consistency is key.”
~ John C. Maxwell
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JABELLAR/AJABINAL/AIBAY/RBERCASIO/JMAGLINAO/ASARMIENTO