Practice Quiz

FSOT: 500 Test Prep Study Questions - Question List

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156. Which of the following matters would be best discussed with a supplier's customer service personnel?
  1. Prompt processing of orders and resolution of invoice problems
  2. Compatibility of information systems
  3. Labor issues and union contracts
  4. Quality control processes and checks
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157. Which of the following information would an auditor need to verify that a requisition is properly authorized?
  1. The source of the funds, i.e., budget number
  2. An approval signature to spend the funds
  3. The purchaser's signature
  4. The name of the person to whom the goods will be delivered
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158. After learning that a single individual is responsible for managing all bank accounts and for authorizing and paying for all purchases, an appropriate action by a manager would be to
  1. accuse the individual of mismanagement and fraud
  2. recommend the segregation of duties so that one person reconciles the bank accounts, another authorizes purchases, and yet another processes payments
  3. speak with the individual and ensure that all proper practices and procedures are followed
  4. instruct the bank to mail statements to a secretary, who will then forward them to the individual for processing
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159. Which of the following steps in the normal purchasing process should be taken first?
  1. Construct contract
  2. Discuss requirements
  3. Review requirements
  4. Select source
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160. Which of the following information would an auditor evaluating the operations of a procurement function review first?
  1. Purchasing policies and procedures currently operative
  2. Job descriptions detailing the responsibilities of each purchaser
  3. Goals of the function and plans in place to achieve them
  4. Data on the timing of invoice payments
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