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Last Updated: Jun 22, 2026
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1. Organizations most commonly use wire transfers for which of the following?
A) Low dollar bulk payments
B) High dollar payments
C) Rent or mortgage payments
D) Direct deposit of executive pay
2. The COSO framework's categories of internal controls include each of the following EXCEPT:
A) Information and communication
B) Accounting principles
C) Control environment
D) Risk assessment
3. In double-entry accounting, which of the following pairs of accounting entries are made when an invoice has been paid?
A) Credit cash and debit the asset account
B) Debit cash (asset) and credit the AP liability account
C) Credit cash and debit the AP liability account
D) Debit the expense and credit the AP liability account
4. Cash management refers to an organization's management of which of the following?
A) Enterprise resource planning systems
B) Payment terms
C) Inflow and outflow of funds
D) Payroll disbursements
5. In order to get a sales tax exemption on goods purchased for resale, what must the buyer do?
A) Provide an exemption certificate to the seller
B) File a letter of intent with the local taxing jurisdiction
C) Inform the state in writing that the tax will be paid by the buyer
D) Supply a copy of a sales tax license to the seller
Solutions:
| Question # 1 Answer: B | Question # 2 Answer: B | Question # 3 Answer: C | Question # 4 Answer: C | Question # 5 Answer: A |
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