AIS EXAM 2 ACTUAL EXAMINATION TEST 2026 COMPLETE QUESTIONS AND SOLUTIONS GRADED A+

AIS EXAM 2 ACTUAL EXAMINATION TEST
2026 COMPLETE QUESTIONS AND
SOLUTIONS GRADED A+


◉ Sales Order
Answer: Records the item and quantities ordered by a customer


◉ Bill of Lading
Answer: Shipping document transferring responsibility for goods to
carrier


◉ Packing Slip
Answer: Lists contents of shipment


◉ Remittance Advice
Answer: Payment notification accompanying a customer payment


◉ Credit Memo
Answer: Authorizes reducing the balance owed by a customer (e.g.
returns/allowances)

,◉ Expenditure Cycle Documents
Answer: -Purchase Order
-Supplier Invoice
-Debit Memo
-Receiving Report


◉ Purchase Order
Answer: Authorizes ordering goods from a supplier


◉ Supplier Invoice
Answer: Bill sent by supplier requesting payment


◉ Debit Memo
Answer: Reduces the balance owed to a supplier (buyer-issued)


◉ Receiving Report
Answer: Documents goods received from a supplier


◉ Accounts Payable Processing Methods
Answer: -Voucher System
-Nonvoucher System

, -Evaluated Receipt Settlement (ERS)


◉ Voucher System
Answer: Each approved invoice is posted to a supplier record and
stored in an open invoice file.


◉ Nonvoucher System
Answer: Each approved invoice is posted individually to supplier
records in the AP file and then stored in the open invoice file


◉ Evaluated Receipt Settlement (ERS)
Answer: Eliminates supplier invoices entirely: payment triggered by
matching PO to receiving report- reduces threat errors in supplier
invoices


◉ Five Components of COSO
Answer: 1. Control Environment
2. Risk Assessment
3. Control Activities
4. Information and Communication
5. Monitoring


◉ Control environment