Quiz #1 Instructions: Ensure that the following information is included in your answer: Question # and your answer, listed vertically Example: #1-b #2-a #3-c Select the one most appropriate answer. An answer that includes two correct components is more correct that an answer that includes only one correct component. If you select more than one answer, your question will not be graded. Each multiple choice question is worth one mark. This quiz is a review of material in the text and course materials for Chapters 1-4.
1) When two knowledgeable people acting independently each produce the same information, this information is said to be A) relevant. B) complete. C) verifiable. D) reliable. 2) The primary objective of accounting is to A)
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Since 1996, the owner, Glamdring Elfthrall, has leveraged computer technology to provide a superior level of customer service. In particular, the store's database system was designed to make detailed information about each individual action figure's characteristics easily accessible. Price information and condition are also provided for each inventory item. In this database, action figures (collectively) are a(an) A) record. B) entity C) field. D) attribute. 14) Which of the following statements is not correct? A) The audit trail provides the means for locating and examining source documents. B) The audit trail consists of records stored sequentially in an audit file. C) The audit trail is created with document numbers and posting references. D) The audit trail is intended to verify the validity and accuracy of transaction recording. 15) A delivery of inventory from a vendor, with whom a credit line is already established, would be initially recorded in which type of accounting record and as part of what transaction cycle? A) purchases journal; expenditure cycle B) cash disbursements journal; production cycle C) general ledger; expenditure cycle D) general journal; expenditure cycle
16) The correct label for Shape 3 in the flowchart below is
A) Vendor B) 4 C) Purchase Order 4 D) Purchase Requisition 1 17) When preparing a document flowchart, the names of organizational departments or job functions