PBL Session 2: Expenditure Cycle! Quiz

10 Questions | Total Attempts: 217

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PBL Session 2: Expenditure Cycle! Quiz

Are you familiar with the expenditure cycle? Would you like to try this quiz? The expenditure cycle is the set of activities that pertain to the procurement of and payment for goods and services. Activities include determining what needs to be purchased, the receipt of goods and payments to suppliers, and a set of decisions and actions. Test your knowledge of the expenditure cycle.


Questions and Answers
  • 1. 
    What document is not used in the Purchasing system?
    • A. 

      Purchase Requisition

    • B. 

      Purchase Order

    • C. 

      Sales Order

    • D. 

      Receiving Report

  • 2. 
    What document is this?  Do you know? Are you sure?
    • A. 

      Debit memo

    • B. 

      Cheque

    • C. 

      Invoice

    • D. 

      Purchase Order

  • 3. 
    This is a ______________________.
    • A. 

      Supplier Invoice

    • B. 

      Purchase Order

    • C. 

      Receiving Report

    • D. 

      Purchase Requisition

  • 4. 
    Now, do you know what this is?
    • A. 

      Receiving Report

    • B. 

      Purchase Requisition

    • C. 

      Purchase Order

    • D. 

      Supplier Invoice

  • 5. 
    Time for a harder question, what is the purpose of a purchase requisition?
    • A. 

      Identifies the requisitioner; specifies the delivery location and date needed; identifies the item numbers, descriptions, quantity, and price of each item requested; and may suggest a supplier.

    • B. 

      Document form that formally requests a supplier to sell and deliver specified products at designated prices.

    • C. 

      Document that indicates items have been formally received.

  • 6. 
    A debit memo is used to:
    • A. 

      Indicate items have been formally received.

    • B. 

      Records the adjustments being requested when there is a case of damaged or poor quality goods.

    • C. 

      Write an order to a bank to pay the amount specified from funds on deposit

  • 7. 
    How many copies of purchase requisition forms does Northern Manufacturing Co make?
    • A. 

      2

    • B. 

      3

    • C. 

      4

  • 8. 
    A voucher package consists of a vendor invoice and supporting documentation (purchase order and receiving report).
    • A. 

      True

    • B. 

      False

    • C. 

      I have no idea

  • 9. 
    What is a purchase order?
    • A. 

      A document that identifies the requisitioner; specifies the delivery location and date needed

    • B. 

      A document that formally requests a supplier to sell and deliver specified products at designated prices.

    • C. 

      A document that indicates items have been formally received.

  • 10. 
    What happens at the shipping department?
    • A. 

      Absolutely nothing

    • B. 

      Orders are made

    • C. 

      Shipment are blind counted, inspected and recorded

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