Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

1. Introduction to Accounting

Types of Accounting

Financial Accounting

1. Introduction to Accounting

Types of Accounting

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Multiple Choice

Which of the following is NOT an application control when placing a purchase order?

Segregation of duties between purchasing and receiving

Automatic calculation of order totals by the system

System validation of vendor codes

Input data validation for purchase quantities

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Understand the concept of application controls: Application controls are specific to a particular application and ensure the accuracy, completeness, and validity of data entered into and processed by the system.

Review the options provided in the question and identify which ones are application controls. For example, 'Automatic calculation of order totals by the system' and 'System validation of vendor codes' are examples of application controls because they involve automated processes within the system to ensure accuracy and validity.

Analyze the option 'Input data validation for purchase quantities.' This is also an application control because it ensures that the data entered into the system meets predefined criteria, such as acceptable quantity ranges.

Consider the option 'Segregation of duties between purchasing and receiving.' This is NOT an application control. Instead, it is an example of a general control related to organizational policies and procedures designed to prevent fraud or errors by dividing responsibilities among different individuals.

Conclude that the correct answer is the option that does not involve automated system processes or validations, which is 'Segregation of duties between purchasing and receiving.'