Inmt exam 1 questions and answers

Inmt exam 1 questions and answers Which of the following technologies can help a company increase the accuracy of its data inputs real-time processing In our segregation of duties discussions, we have distinguished between custodial, recordkeeping and authorization activities when considering information processing. The collection of cash payments in the order-to-cash business process is considered which of the following activities? both custodial and recordkeeping Based on the data flow diagram below, which of the following is not an input to the approve credit process? credit score from a credit agency? The general ledger is updated during the record billing information process A vendor is using advanced shipping notices (ASNs) to notify customers. The customers are likely using which of the following approaches to liability recognition? three-way matching what business event typically occurs in the procure-to-pay business process? Negotiate Purchase Order with Vendor Which invoice settlement method is depicted in the following partial DFD? Two way match What is the preferred method of preventing the unauthorized shipment of goods? Require that a valid, open sales order exists before the goods are shipped Which of the following is a primary reason why inventory quantities on hand should be checked before a sales order is actually approved? to determine if the order can be fulfilled or if inventory must be backordered A sales invoice should be prepared (filled out) with data derived from the related shipment/delivery event Which of the following typically comes last in the order to cash process? Record an approved sales order Which one of the following statements is true? all of these are true ( to understand, a business event, events involving) A purchase order is considered open until None of these is correct (Items/goods are received, a liability is recognized, items/goods are received and the sales invoice is paid, goods have been shipped and customer has been billed) Which activity is part of the record sales order information process? Checking customer credit Which of the following is a primary activity in the value chain? Post-Sales Customer Service A seller generates a bill for a customer. When the bill enters the customer's system, the bill is referred to (by the customer) as a Vendor's invoice Before an order is approved by the seller in the order-to-cash cycle, it would be referred to as... open sales order A deliver services business event triggers the need for a Record delivery of services and bill customer What is the purpose of including a packing slip with goods shipped to the customer? To provide the customer information on the contents of the package How is credit approval generally handled for customers without a documented payment history (such as new customers)? specific authorization by the credit manager In the excerpt of the Record Cash Collections data flow diagram depicted below, which of the following is the data flow that is not labeled? Payment Receipt or statement A sales order is considered closed once it has been billed and shipped