CPA PROGRAM AUSTRALIA FINANCIAL REPORTING DIGITAL FINANCE FINAL PAPER EXAM QUESTIONS

CPA PROGRAM AUSTRALIA FINANCIAL REPORTING DIGITAL FINANCE FINAL PAPER
EXAM QUESTIONS ACCURATE ANSWERS FULL SOLUTION




Question:
purchase order (PO).

Answer:
a PR which has been approved by a supervisor; sent to outside vendor



Question:
receiving report (RR).

Answer:
internal document which shows what items were received, how many, and in what condition (record
JE when items are received)



Question:
voucher.

Answer:
a collection of documents pertaining to specific purchase



Question:
positive pay.

Answer:
sends a list of tomorrow's outgoing checks to the bank the night before - control against
overpayments, forgeries, etc.

, Question:
scanning technology.

Answer:
automates the recording of transactions, automatic update of inventory/COGS, helps epedite end of
period inventory counts



Question:
radio frequency ID tags.

Answer:
makes physical inventory counts a breeze



Question:
drone apps.

Answer:
makes inventory counts of livestock quicker/more accurate



Question:
perpetual inventory system.

Answer:
real-time, continuous auditing of inventory and COGS via automated system (higher accuracy,
higher costs, ideal for high-volume businesses)



Question:
periodic inventory system.

Answer:
audit counts at specific intervals, relies on physical counts (lower accuracy, lower costs, ideal for
small businesses)