Practice Quiz

FSOT: 500 Test Prep Study Questions - Question List

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151. Which of the following information would an auditor use to determine that a purchase order is properly authorized?
  1. Agreement of information between the requisition and the purchase order
  2. Current level of purchaser's signature authority
  3. Current level of requisitioner's signature authority
  4. Approval by requisitioner
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152. A manager learns that some items ordered were not delivered even though prompt payment was made after vendor invoices were received. Which of the following actions should the manager take to prevent this situation from happening again?
  1. Ensure that all vendors are reputable, insured, and bonded
  2. Require that vendors include in all invoices the date when items are shipped
  3. Reconcile invoices with items delivered and request prompt delivery when items already paid for are not received
  4. Instruct that invoices be matched with orders received before payment is made
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153. A physical counting process performed to verify inventory levels and audit the accuracy of inventory records is known as
  1. an inventory consultation
  2. Pareto's Rule
  3. an ABC analysis
  4. a cycle count
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154. When tracing or expediting shipments to determine their progress and estimated time of arrival, which of the following information is required?
  1. When the shipment was originally due to arrive
  2. What the carrier's pro number, waybill, or car number was
  3. What route the carrier was planning to take
  4. When the order was placed by the purchasing department
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155. When establishing an internal control system to determine the appropriate time to pay a supplier for a purchase, which of the following processes/reports must be included in the system?
  1. A performance report from the engineering department
  2. An updated report from the expeditor's office
  3. A comparison of the purchase order and the supplier's invoice
  4. A three-way match of critical information on the purchase order, the packing slip, and the invoice
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