Documents (again?)
Procedures
AIS
FINACC 4
Chronically Online
100
It contains quantity or price information about the products being received, its purposes is to force the receiving clerk to count and inspect inventories prior to completing the receiving report
PO Blind Copy
100
What is the entry to record Purchases?
Dr. Inventory - Control / Purchases
Cr. Accounts Payable
100
This is the name of our company in Smartbooks. (DOUBLE POINTS)
Tech World Co.
100
Accounting for PPE is primarily governed by what standard?
IAS 16
100
A few weeks ago this sunscreen caused an uproar on Tiktok and has been likened to Boysen because of it's whitecast. What is brand of the sunscreen?
Sukee
200
When inventories drop to a predetermined reorder point, a ______ is prepared and sent to the prepare purchase order function to initiate the purchase order.
Purchase Requisition
200
Upon receipt of purchases, what is the first thing that the receiving department does? (DOUBLE POINTS)
Receiving counts and inspects the goods.
200
This contains records of past transactions that are retained for future reference. These transactions form an important part of the audit trail.
Archive File
200
This is the estimated amount that an entity would currently obtain from disposal of the asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
Salvage Value or Residual Value
200
Accordingly, isang tao lang ang pwede umihi rito. Sino siya?
Ivana Alawi
300
Upon the completion of the physical count and inspection, the receiving clerk prepares a _____ stating the quantity and the condition of the inventories.
Receiving Report
300
What are the four documents that Accounts Payable Team has to reconcile?
PR, PO, receiving report, and the supplier’s invoice.
300
FREE YAY YOU GET 300 :))
+300
300
This is the amount by which the carrying amount of an asset exceeds its recoverable amount.
Impairment Loss
300
What was she drinking in this famous meme? (DOUBLE POINTS)
Kombucha
400
Once the reconciliation is complete, the transaction is recorded in the purchases journal and posted to the supplier’s account in the_____
AP subsidiary ledger
400
A receiving report is prepared and copies sent to which departments?
the raw materials storeroom, Purchasing, Inventory Control, and A/P.
400
The information system is the set of __________ by which data or information are collected, processed into information, and distributed to users.
FORMAL PROCEDURES
400
This is the amount at which an asset is recognized after deducting any accumulated depreciation and accumulated impairment losses.
Carrying Amount
400
League of Legends has a new boyband, Heartsteel, and has released their new single Paranoia. Who are the members of the boyband?
Yone, Ezreal, Aphelios, K'Sante, Sett, and Kayn
500
What document would an auditor most likely choose to examine closely to ascertain that all expenditure incurred during the accounting period have been recorded as a liability?
Invoices
500
Provide 5 goals of the expenditure cycle (15 seconds only)
•purchase from reliable vendors
•purchase high quality items
•obtain best possible price
•purchase only items that are properly authorized
•have resources available when they are needed
•receive only those items ordered
•ensure items are not lost, stolen, or broken
•pay for the items in a timely manner
500
This is a book of accounts that reflects the financial effects of the firm’s transactions after they are posted from the various journals.
Ledger
500
An entity has the option of applying between two models as its accounting policy of subsequently valuing PPEs and shall consistently apply that policy to an entire class of property, plant and equipment. What are these models?
Cost model and Revaluation Model
500
In Adventure Time, Princess Bubblegum asked Finn and Jake to retrieve this legendary hero's handbook. They then went to Mount Cragdoor to retrieve the ______
Enchiridion
