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AIS Practice Questions Exam 1 Answered & Graded
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What is the basic document created in the billing process? - CORRECT ANSWER Sales Invoice Who should be responsible for establishing the credit limit for new customer, or increasing an existing customer's credit limit? - CORRECT ANSWER Credit manager Threats during the sales order entry proce...

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  • August 11, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • what is the basic document created in the billing
  • who should be responsible for establishing the cre
  • threats during the sales order entry process inclu
  • inventory information is provided in real time b

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AIS Practice Questions Exam 1
Answered & Graded
What is the basic document created in the billing process? - CORRECT ANSWER Sales Invoice



Who should be responsible for establishing the credit limit for new customer, or increasing an existing
customer's credit limit? - CORRECT ANSWER Credit manager



Threats during the sales order entry process include: - CORRECT ANSWER incomplete or inaccurate
customer orders



Inventory information is provided in real time by a firm's accounting information system. The accuracy of
this information is questionable, however, since the production manager often reports stock outs of
components that the system indicates are in stock. Which of the following characteristics of useful
information is absent in the situation described above? - CORRECT ANSWER reliable



Clemente Santiago has formed a business that sells carved gourmet coconuts. He has hired five
employees. The most senior is Friday, who manages the carving process. Monday is the newest
employee. She collects the coconuts. Tuesday takes calls from unhappy customers. Wednesday tosses
finished coconuts into the sea, sending them to the wholesaler. Thursday sends smoke signals to the
wholesaler extolling the virtues of the latest production run of nuts that are drifting across the bay.
Which of the following functions in the value chain is Monday performing? - CORRECT ANSWER Inbound
logistics



An employee's hours worked would be recorded in - CORRECT ANSWER a payroll transaction file



Which of the following is the first decision that needs to be made in the revenue cycle? - CORRECT
ANSWER Should credit be extended to customers?



File-oriented approaches create problems for organizations because of - CORRECT ANSWER multiple
master files

, John Pablo works in the accounting department of a multinational manufacturing company. His job
includes updating accounts payable based on purchase orders and checks. His responsibilities are part of
the company's - CORRECT ANSWER expenditure cycle



The collection of employee time sheets is part of the transaction cycle? - CORRECT ANSWER the human
resources cycle



Pre-numbering of source documents helps to verify that - CORRECT ANSWER all transactions have been
recorded



A specialized journal - CORRECT ANSWER simplifies the process of recording large numbers of repetitive
transactions



In the ________ method of tracking accounts receivable, customers pay according to the amount
showing on their monthly statement and payments are applied against the total account balance. -
CORRECT ANSWER balance forward



The packing slip - CORRECT ANSWER lists the quantity and description of each item included in the
shipment



A way to incorporate the advantages or EDI with the EFT is - CORRECT ANSWER Financial Electronic Data
Interchange



The passage of Sarbanes Oxley Act - CORRECT ANSWER all of the above



When preparing a document flowchart, the names or organizational departments or job functions
should appear in the - CORRECT ANSWER column headings



Which is a true statement regarding a document flowchart? - CORRECT ANSWER A document flowchart
is particularly useful in analyzing the adequacy of internal control procedures.



The American Institute of Certified Public Accountants (AICPA) has recognized the importance of AIS and
the major impact information technology has on the area of accounting. To recognize individual CPAs

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