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33 Cards in this Set

  • Front
  • Back
BALANCE-FORWARD PROCESSING
a customer's remittances are applied against a customer;s outstanding balance rather than against individual invoices
BILL OF LADING
the invoice received from a carrier for shipments
BLANKET ORDER
a single order that calls for several shipments to the same customer over a specific time period
CREDIT MEMO
a form used to document reductions to a customer's account due to sales returns or sales allowances
CUSTOMER AUDIT
procedure in which the customer acts as a control over the initial documentation of a transaction
CYCLE BILLING PLAN
the processing of accounts receivable is subdivided by alphabet or account number in order to distribute the preparation of statements over the working days of the month
FACTORING
the selling of accounts receivable at a discount to a collection agency
FLOAT
the time between the signing of the payment check by the customer and the moment the firm has use of the funds
GOODS ISSUE NOTICE
documentation that is forwarded to the billing function to evidence a shipment to a customer
IMPREST TECHNIQUES
a control technique in which an item is held accountable to a specified total amount
INQUIRY
a document similar to a quotation that does not contain delivery information
INVOICE
the document that informs a customer of charges for goods or services rendered
LOCK-BOX DEPOSIT SYSTEM
customer remittances are sent directly to the bank and are credited to a company's account before they are posted to customer accounts
OPEN-ITEM PROCESSING
a customer's remittances are applied against individual invoices rather than against the customer;s outstanding balance
PROFESSIONAL SHOPPERS
people hired to purchase goods in a retail environment for the specific purpose of observing the recording transactions
QUOTATION
a document sent to a potential customer to inform him of product prices, product availability, and delivery information
REMITTANCE LIST
a listing of customer remittances that is prepared for control purposes
SALES ORDER
a document prepared to initiate the shipment of goods to a customer
SHIPPING ADVICE
synonym for goods issue notice
APPROVED VENDOR LIST
a list of vendors approved for use by the purchasing function
ATTRIBUTE RATING
an approach to vendor selection that identifies, lists, and evaluates several different aspects concerning a vendor
BLIND COUNT
counters in receiving do not have access to quantities shown on purchase orders
BUILT UP VOUCHER SYSTEM
the accumulation of several invoices from the same vendor and the payment of these invoices with a single check
INDEPENDENT PAYMASTER
the person who distributes pay is independent of the payroll preparation process
INVOICE VERIFICATION
the review of purchasing documentation prior to authorizing payment to vendors
PROCUREMENT
the business process of selecting a source, ordering, and acquiring goods or services
PURCHASE ORDER
document issued to a vendor to initiate a purchase
PURCHASE REQUISITION
document used to request a purchase
RECEIVING REPORT
prepared to document the receipt of deliveries from vendors
REQUEST FOR QUOTATION
documents used to request competitive bids from vendors
VOUCHERS
synonym for voucher package
VOUCHER PACKAGE
a collection of documents that are reviewed and approved to authorize a disbursement
VOUCHER SYSTEM
a system in which every organizational expenditure must be documented with an approved voucher