ACC 3303 Exam 2

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Author:
Dbadams94
ID:
308946
Filename:
ACC 3303 Exam 2
Updated:
2015-10-03 19:13:54
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accounting
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ACC
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  1. What are the 4 processes in the expenditure cycle? (PRAC)
    • 1. Purchasing
    • 2. Receiving
    • 3. Approve invoice¬†
    • 4. Cash disbursement
  2. What 2 sub-processes are in the purchasing process? (IC)
    • 1. Inventory
    • 2. Choosing supplier
  3. What department is involved in the purchasing process?
    Purchasing
  4. What document comes into the purchasing process?
    Purchase requisition
  5. What document leaves the purchasing process?
    Purchase order
  6. The purchase order is legally...
    binding.
  7. The destination after the purchasing process.
    Supplier
  8. What 2 parties get a copy of the purchase order from the purchasing process?
    Receiving and AP
  9. 3 factors to consider in the choosing suppliers sub-process. (PQD)
    • 1. Price
    • 2. Quality
    • 3. Dependability
  10. Who is involved in the receiving process?
    Receiving
  11. What are the 2 sources of the receiving process? (SP)
    • 1. Supplier
    • 2. Purchasing
  12. What 2 documents come into the receiving process? (PP)
    • 1. Packing slip
    • 2. Purchase order
  13. What 2 documents leave from the receiving process? (RD)
    • 1. Receiving report
    • 2. Debit memo
  14. 2 destinations after the receiving process. (AI)
    • 1. AP
    • 2. Inventory control
  15. In the receiving process, what is compared?
    The quality and quantity of inventory.
  16. Who is involved in the approve invoice process?
    AP
  17. What are the 3 sources of the approve invoice process? (RPS)
    • 1. Receiving¬†
    • 2. Purchasing
    • 3. Supplier
  18. What 3 documents are coming into the approve invoice process(RPI)
    • 1. Receiving report
    • 2. Purchase order
    • 3. Invoice
  19. What document leaves the approve invoice process?
    Voucher package
  20. The... might be included in the voucher package that leaves the approve invoice process.
    debit memo
  21. What is the destination after the approve invoice process?
    Casheir
  22. What does the approve invoice process compare?
    The receiving report, purchase order, and invoice
  23. The approve invoice process updates...
    journals and ledgers
  24. Who is involved in the cash disbursement process?
    Cashier
  25. What are the sources of the cash disbursement process?
    AP
  26. What document comes into the cash disbursement process?
    Voucher package
  27. What document leaves the cash disbursement process?
    Checks
  28. What is the destination after the cash disbursements process?
    Suppplier
  29. The cash disbursements process updates the..., but it is not done by the...
    cash disbursements account, cashier

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