Which of the following statements related to journal vouchers is false for most ERP systems?
A. The person completing the adjustment will enter it directly into the computer.
B. The voucher will be electronic.
C. Journal voucher should be signed by the person(s) authorized to initiate the entry.
D. To provide an adequate audit trail, a printed copy of journal vouchers is required.
Answer: D
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Which of the following is an advantage of the budgeting process?
A) It requires very little input from various departmental managers, leaving them more time to devote to day-to-day activities. B) It can define specific goals and objectives that may be used in evaluating future job performance. C) It forces management to focus on the past and not be distracted by the day-to-day operations of the business. D) It requires no communication between various managers in the organization.
What is the role of a financing statement in a consignment if the consignor files it?
A) It protects the consignor from bearing a risk of loss for the goods. B) It protects the consignor from possible payment revocation by the consignee. C) It gives the buyer's creditors claim over the goods. D) It gives the seller's creditors claim over the goods.
Which of the following does NOT correctly pair the terminology used in the earned value management (EVM) method with its description?
a. planned value: a cost estimate of the resources used across the project’s life cycle b. earned value: the value of the work actually performed to date c. actual cost of the work performed: the cumulative total cost of completing the project’s work packages d. budgeted cost at completion: the total budget for a project at its completion
In which of the following scenarios would the doctrine of binding precedent NOT apply?
A) A judge of the Superior Court of Justice of Ontario is hearing a case with similar facts and points of law to a case already decided by the Supreme Court of Canada B) The Court of Appeal of Prince Edward Island is hearing a case with similar facts and points of laws to a case already decided by the Supreme Court of Canada. C) A judge of the Supreme Court of British Columbia is hearing a case with similar facts and points of law to a case already decided by the Court of Appeal of British Columbia. D) The Court of Appeal of Manitoba is hearing a case with similar facts and points of law to a case already decided by a judge of the Supreme Court of British Columbia. E) It would apply in all of the above cases.