ACCT 571 Advanced Accounting Information Systems Week 7 Quiz Answers – Homeworkmade

DOWNLOAD: ACCT 571 Advanced Accounting Information Systems Week 7 Quiz Answers – Homeworkmade

ACCT 571 Quiz Week 7

(TCO D) How is credit approval generally handled for well-established customers with a documented payment history?

(TCO D) A company uses an invoice method whereby customers typically pay according to each invoice.  This is the __________ method.

(TCO D) Sad Clown Pajamas is an Internet-based wholesaler. Customers enter their orders online. The manager of Callow Youth Clothing was entering an order when the following error message popped up: Did you mean to enter a quantity of 1000 for your order? This message is the result of a

(TCO D) Which control would be best to prevent payments made to fictitious vendors?

(TCO D) The purchasing manager at Folding Squid Technologies has responsibility for reviewing and authorizing purchase orders. Receiving reports are prepared by shipping and receiving based on the relevant purchase order(s). Purchase orders, receiving reports, and vendor invoices are reconciled by accounts payable, which authorizes payment. Which of the following would correct control weaknesses, if any, related to these activities?

(TCO D) Why is credit approval an important part of the revenue cycle?

(TCO D) Name and describe the two common systems for approving vendor payments.