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