Question 1

Sales and use taxes are levied by which of the following? I. Cities and towns; II. Federal government; III. States.

Options :

A : II and III only

B : III only

C : I and III only

D : I, II, and III

Answer: C

Question 2

Ways in which an organization could suffer from check fraud include which of the following: I. Check alteration; II. Invalid payments; III. Stolen issued checks.

Options :

A : I, II, and III

B : II and III only

C : I and III only

D : I and II only

Answer: A

Question 3

Evaluated Receipt Settlement (ERS) requires which of the following?

Options :

A : Receipt and Invoice

B : PO and Receipt

C : PO and Invoice

D : PO, Receipt, and Invoice

Answer: B

Question 4

What is the current thinking on the practice of maintaining a petty cash fund?

Options :

A : It’s practically obsolete and should be eliminated, if possible

B : Three separate individuals should sign off on disbursements

C : It’s considered a best practice within service organizations and consulting businesses

D : It should be maintained by an executive in the treasury department

Answer: A

Question 5

What is blockchain?

Options :

A : A distributed ledger system

B : A random password generator

C : An internal audit methodology

D : An accounts payable collaborative

Answer: A

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