Accounting Cycle MCQ Quiz!
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Only the authorized signatories of the company are allowed to sign cheques.
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True
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False
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The 'Accounting Cycle MCQ Quiz!' assesses knowledge on key accounting procedures such as Purchase Orders, Goods Received Notes, and Payment Vouchers. It tests understanding of roles like Purchasing Managers and Store Clerks in financial operations, essential for professionals in the field.
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- 2.
The sales invoice must be signed off by:
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Marketing Executive
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Purchasing Manager
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Sales & Marketing Manager
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Finance Manager
Correct Answer
A. Sales & Marketing ManagerExplanation
The sales invoice must be signed off by the Sales & Marketing Manager because they are responsible for overseeing the sales and marketing activities of the company. As such, they have the authority to approve and finalize sales transactions, including the issuance of invoices. This ensures that the invoice is accurate, complete, and in compliance with the company's sales and marketing policies. The Sales & Marketing Manager's signature also serves as a confirmation that the sale has been properly authorized and recorded.Rate this question:
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- 3.
Similar stock items can be entered into the same stock card.
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True
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False
Correct Answer
A. FalseExplanation
The statement is false because similar stock items should not be entered into the same stock card. Each stock item should have its own individual stock card to maintain accurate inventory records and prevent confusion. Combining similar stock items into one card can lead to errors in tracking quantities, identifying specific items, and managing stock levels effectively.Rate this question:
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- 4.
In the Goods Received Note, _______________ will sign off under "Posted by".
Correct Answer
Store clerkExplanation
In the Goods Received Note, the person who will sign off under "Posted by" is the store clerk. The store clerk is responsible for receiving and inspecting the goods and documenting their receipt in the note. They are the one who physically handles the goods and ensures that they match the order and are in good condition. Therefore, it is their role to sign off on the note to acknowledge the receipt of the goods.Rate this question:
- 5.
When writing a cheque for "Singapore dollars two thousand and three hundred only", the amount in figures should be written as ______
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$2,300.00
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S$2,300
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S$2,300.00
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$2,300
Correct Answer
A. S$2,300.00Explanation
When writing a cheque for "Singapore dollars two thousand and three hundred only", the amount in figures should be written as S$2,300.00. In this case, "S$" represents the currency symbol for Singapore dollars, and "2,300.00" represents the numerical value of the amount. Writing the amount in this format ensures clarity and accuracy when processing the cheque.Rate this question:
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- 6.
In the Purchase Order, who is authorized to sign off this document?
Correct Answer
Purchasing ManagerExplanation
The Purchasing Manager is authorized to sign off the Purchase Order document. As the person responsible for managing the purchasing activities of the organization, the Purchasing Manager has the authority to review and approve the purchase requests, ensuring that they align with the company's procurement policies and budget. By signing off on the Purchase Order, the Purchasing Manager acknowledges their approval and takes responsibility for the procurement process.Rate this question:
- 7.
The Payment Voucher is sometimes approved by the accounts clerk.
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True
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False
Correct Answer
A. FalseExplanation
The payment voucher is not approved by the accounts clerk.Rate this question:
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- 8.
The authorized signatory for the Official Receipt is the Accountant.
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True
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False
Correct Answer
A. FalseExplanation
The explanation for the answer "False" is that the authorized signatory for the Official Receipt is typically not the Accountant. The authorized signatory is usually a designated person who has the authority to sign on behalf of the organization or company. While the Accountant may be involved in preparing the Official Receipt, they may not necessarily be the one who signs it.Rate this question:
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Current Version
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Mar 22, 2023Quiz Edited by
ProProfs Editorial Team -
Aug 17, 2017Quiz Created by
The Accounting
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