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69 Cards in this Set
- Front
- Back
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Sales Order
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Contains information about item numbers, quantities, prices, and other terms of sale
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Choiceboards
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Allow customers to customize products to meet their exact needs (ex: Dell)
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Vendor-managed Inventory (VMI)
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Using electronic data interchange (EDI) to assume responsibility for managing a retail customer's inventory
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Credit Limit
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Maximum allowable account balance made based on the customer's past credit history and ability to pay
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Back Order
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Created if there is not sufficient inventory on hand to fill an order
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Picking Ticket
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Lists the items and quantities of each item that the customer ordered, authorizes the inventory control function to release merchandise to the shipping department
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Packing Slip
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May be a copy of the picking ticket, lists the quantity an description of each item included in the shipment
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Bill of Lading
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A legal contract that defines responsibility for the goods in transit, identifies the carrier, source, destination, and any special shipping instructions, and indicates who must pay the carrier (freight bill)
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Sales Invoice
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Basic document created in the billing process, notifies customers of the amount to be paid and where to send payment
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Open-invoice Method
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An accounts receivable maintenance method where customers typically pay according to each invoice
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Remittance Advice
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A turnaround document used in the open-invoice method, a copy of the invoice that is returned from the customer
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Balance-forward Method
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An accounts receivable maintenance method where customers typically pay according to the amount shown on a monthly statement, rather than by individual invoices
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Monthly Statement
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A document used in the balance-forward method that lists all transactions, including both sales and payments, that occurred during the past month and informs the customers of their current accounts balances
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Cycle Billing
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A billing cycle used under the balance-forward method where monthly statements are prepared for subsets of customers at different times, produces a more uniform flow of cash collections throughout the month and reduces the time that he computer system is dedicated to printing monthly statements
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Credit Memo
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Authorizes the crediting of the customer's account upon the return of items or allowances granted for damaged goods
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Remittance List
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A document identifying the names of and amounts of all customer remittances
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Lockbox
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A postal address to which customers send their remittances
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Electronic Lockbox
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When the bank electronically sends the company information about the customer account number and the amount remitted as soon as it receives and scans those checks
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Electronic Funds Transfer (EFT)
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Provides the opportunity to reduce other causes of delay in obtaining access to customer funds, customers send their remittances electronically to the company's bank
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Financial Electronic Data Interchange (FEDI)
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Integrates the exchange of funds (EFT) with the exchange of the remittance data (EDI), completes the automation of both the billing and cash collections processes
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Cash Budget
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Provides precise estimates of chas inflows and outflows
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Economic Order Quantity (EOQ)
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The traditional approach to managing inventory where ordering inventory is based on calculating an optimal order size to minimize the sum of ordering, carrying, and stockout costs, often results in carrying significant amounts of inventory
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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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A method of inventory management that seeks to reduce required inventory levels by improving the accuracy of forecasting techniques to better schedule purchases to satisfy production needs
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Just-in-time (JIT) Inventory System
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A method of inventory management that attempts to minimize, if not totally eliminate, carrying inventory by only purchasing and producing goods in response to actual, rather than forecasted, sales
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Purchase Requisition
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A document, or electronic form, that identifies the requisitioner, specifies the delivery location and date needed, identifies the item numbers, descriptions, quantity, and price of each item requested, and may suggest a supplier
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Purchase Order
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A document or electronic form that formally requests a supplier to sell and deliver specified products at designated prices
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Blanket Purchase
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A commitment to purchase specified items at designated prices from a particular supplier for a set time period, often for one year. This reduces the buyer's uncertainty about reliable sources of raw materials and help the supplier plan its capacity
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Receiving Report
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The primary document used in the receiving subsystem of the expenditure cycle, it documents details about each delivery including the date received, shipper, supplier, and purchase order number
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Debit Memo
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Records the Adjustment being requested if goods received are damaged or poor quality
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Nonvoucher System
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A method of processing vendor invoices where each approved invoice is posted to individaul supplier records in teh accounts payable file and then stored in an open-invoice file. When a check is written to pay for an invoice, the invoice is removed form the open-invoice file, marked paid, and then stored in the paid-invoice file.
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Voucher System
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A method of processing vendor invoices where a disbursement voucher is prepared and then follows the steps of the ______ _____
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Disbursement Voucher
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Identifies the supplier, lists the outstanding invoices, and indicates the net amount to be paid after deducting any applicable discounts and allowances
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Voucher Package
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The combination of a vendor invoice and supporting documentation (purchase order and receiving report)
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Evaluated Receipt Settlement (ERS)
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An "invoiceless" approach that replaces the traditional three-way matching process (vendor invoice, purchasing order, and receiving report) with a two-way match of the purchase order and receiving report
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Procurement Card
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A corporate credit card that employees can use only at designated suppliers to purchase specific kinds of items
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Kickbacks
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Gifts from suppliers to purchasing agents for the purpose of influencing their choice of supplier
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Bill of Materials
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A document that specifies the part number, description, and quantity of each component used in a finished product
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Operations List
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A document that specifies the sequence of steps to follow in making the product, which equipment to use, and how long each step should take
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Manufacturing Resource Planning (MRP-II)
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A method of product planning that seeks seeks to balance existing production capacity and raw materials needs to forecasted sales demands (push manufacturing)
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Lean Manufacturing
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A method of product planing that seeks to minimize or eliminated inventories of raw materials, work in process, and finished goods (pull manufacturing)
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Mater Production Schedule (MPS)
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A document that specifies how much of each product is to be produced during the planning period and when that production should occur
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Production Order
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Authorizes the manufacture of a specified quantity of a particular product
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Materials Requisition
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Authorizes the removal of the necessary quantity of raw materials from the storeroom to the factory location where they will be issued
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Move Tickets
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Documents subsequently transfers of raw materials throughout the factory and includes the parts being transferred, the location to which y they are transferred, and the time of transfer
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Job-order Costing
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A production cost method that assigns costs to specific production batches, or jobs, and is used when the product or service being sold consists of discretely identifiable items
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Process Costing
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A production cost method that assigns costs to each process, or work center, in the production cycle, and then calcualtes teh average cost for all units produced, is used when similar goods or services are produced in mass quantities and discrete units cannot be readily identified
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Manufacturing Overhead
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Manufacturing costs that are not economically feasible to trace directly to specific jobs or processes
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Throughput
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Represents the number of good units produced in a given period of time
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Equation for throughput
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(Total units produced/Processing time) x (Processing time/Total time) x (Good units/Total units)
Productive capacity x productive processing time x yield |
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Productive Capacity
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The first element of the equation for throughput, total units produced/processing time
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Productive Processing Time
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The second element of the equation for throughput, Processing time/total time
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Yield
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The third element of the equation for throughput, Good units/total units
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Payroll Register
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A report that lists each employee's gross pay, payroll deductions, and net pay in a multicolumn format
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Deduction Register
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Lists the miscellaneous voluntary deductions for each employee
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Earnings Statement
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`Lists the amount of gross pay, deductions, and net pay for the current period and year-to-date totals for each category
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Flexible Benefits Plans
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Where each employee receives some minimum coverage in medical insurance and pension contributions, plus additional benefit credits that can be used to acquire extra vacation time or additional health insurance
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Payroll Service Bureau
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Maintains the payroll master file for each of its clients and performs the payroll processing activities
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Professional Employer Organization (PEO)
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Not only processes payroll but also provides HRM services such as employee benefit design and administration, more expensive than payroll service bureaus
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Journal Voucher
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A form that documents updates to the general ledger from journal entries
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Trial Balance
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A report that lists the balances for all general ledger accounts
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Types of Adjusting Entries
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1. Accruals
2. Deferrals 3. Estimates 4. Revaluations 5. Corrections |
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Responsibility Accounting
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Reporting financial results on the basis of managerial responsibilities within an organization
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XBRL (Extensive Business Reporting Language)
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A variant of XML specifically designed for use in communicating the content of financial data
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Zero-balance Check
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A check that verifies that total debits equal total credits in a journal entry
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Run-to-run Totals
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A check that verifies the accuracy of journal voucher batch processing
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Business Intelligence
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The process of accessing the data contained in a data warehouse and using it for strategic decision making
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Online Analytical Processing (OLAP)
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A technique used in business intelligence that uses queries in which the user guides the investigation of hypothesized relationships of the data
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Data Mining
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A technique used in business intelligence using sophisticated statistical analysis , including artificial intelligence techniques such as neural networks, to "discover" unhypothesized relationships in the data
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