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28 Cards in this Set
- Front
- Back
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expenditure cycle
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recurring set of business activites and related informatino processing operations associated with purchase and payment of goods
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Expenditure #1
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order goods
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expenditure #2
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receive and store goods
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expenditure #3
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pay for goods
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economic order quantity EOQ
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calculate optimal order size to miminize sum of ordering carrying and stockouts
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reorder point
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specifies when to order more inventory
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material requirements planning MRP
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reduce inventory levels, improve forecasts, inventory management method
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Just in Time inventory system
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minimize if not eliminate inventory carrying costs, only purchase inresponse to sales, frequent small orders of inventory
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purchase requisition
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document that identifies requisitioner, delivery datae time, etc
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purchase order
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formal request to buy things from supplier, contract when accepted
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blanket purchase order
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commitment to purchase specific items at designated prices from a supplier for a set time period. often 1 year, easier on buyer and seller
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receiving report
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doc for the receiving subsystem, detail about each delivery, date received etc.
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debit memo
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records adjustment of a price reduction, damaged or poor quality items
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nonvoucher system
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each invoice is posted to individual supplier records, added to open invoice file, each invoice is paid
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voucher system
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uses disbursement voucher
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disbursement voucher
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ids supplier and outstanding invoice and the net to be paid, reduce number of checks
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voucher package
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vendor invoice, and supporting documentation, allows the disbursment of funds
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evaluated receipt settlement ERS
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invoiceless approach, replaces traditional three way matching rpocess with two way, receiving report and purcahse order
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procurement card
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corporate credit card used at certain suppliers
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THREAT preventing stockouts excess inventory
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invt control systems, records, barcode and rfid
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THREAT ordering unnecessary items
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approive purchase recs, accurate perpeptual records
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THREAT purchase goods at inflated prices
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price lists, solicite bids,
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THREAT purchases from unauthorized suppliers
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approval of purchase orders
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THREAT kickbacks
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no gifts from vendors, traning, job rotations
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THREAT receiving unordered goods
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dock workers verifiy purchase orders
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THREAT paying for goods not received
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use ers, budgetary controls, training
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THREAT double paying
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only pay on original voucher package, cancellation, mark paid
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THREAT missappropriation of cash, checks, EFTS
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restrict access to blank checks, check signing machine, segregate duties, access control matrix
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