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16 Cards in this Set
- Front
- Back
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client |
representing the company you are working for |
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Company Code: |
designates the accounting database and the general ledger for the company you are working on |
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Purchasing Organization: |
identifies the country in which you are doing your purchase |
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Purchasing Group: |
identifies the group of purchasing agents who will facilitate the purchase |
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Subsidiary Account Payable ( |
vendor transactions occur and become part of the chartof accounts for the company code you are working on |
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PurchaseRequisition |
1. - is the source document that indicates the need topurchase materials. It begins thepurchasing cycle and is triggered when inventory falls to a critical level,which is called the reorder point. |
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PurchaseOrder |
1. is a documentbased on a purchase requisition that specifies items ordered from a vendor orsupplier. It authorizes the purchasing process and acts as a contract betweenthe buyer and the vendor. |
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GoodsReceipt |
is a term from inventory management denoting aphysical inward movement of good or materials. It indicates the goods have beenreceived and triggers an automatic entry, which debits the inventory account. |
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InvoiceReceipt |
is a term from invoice verification describingthe receipt of an invoice issued by a vendor (creditor). It should be comparedwith the purchase order and goods received to verify that the goods order werereceived in the quantity ordered. It triggers an automatic entry to post thebill to the payable account. |
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VendorReports |
indicate the value of the transaction and whetherthe vendor is still owed money |
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PurchaseOrder |
displaytransactional data for the purchase order you made |
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PayableAccount Balance |
displaythe amount owed to the vendor and drill-down to the transaction |
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IASC |
international accounting standards committee |
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IASB |
international accounting standards board |
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IFRS |
International financial reporting standards |
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IOSCO |
international organization of securities commissions |
