ACC 3303 (Revenue cycle vocab)

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ACC 3303 (Revenue cycle vocab)
2015-10-03 20:00:20

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  1. The document created during sales order entry listing the item numbers, quantities, prices, and terms of the sale.
    Sales order
  2. The use of computerized communications and a standard coding scheme to submit business documents electronically in a format that can be automatically processes by the recipients information system.
    Electronic data interchange
  3. The maximum allowable credit amount balance for each customer, based on past credit history and ability to pay.
    Credit limit
  4. A report listing customer account balances by length of time outstanding.
    Accounts receivable aging schedule.
  5. A document authorizing the purchase or production of items that is created when there is insufficient inventory to meet customer orders.
    Back order
  6. A document that lists the items and quantities ordered and authorizing the inventory control function to release that merchandise to the shipping department.
    Picking ticket
  7. Software that organizes information about customers in a manner that facilitates sufficient and personalized service.
    Customer relationship management
  8. A document listing the quantity and description of each item included in a shipment.
    Packing slip
  9. A legal contract that defines responsibility for goods while they are in transit.
    Bill of lading
  10. A document notifying customers of the amount of a sale and where to send the payment.
    Sales invoice
  11. Method for maintaining AR in which customers typically pay according to each invoice.
    Open-invoice method
  12. A copy of the sales invoice returned with a customer's payment that indicates the invoices, statements or other items being paid.
    Remittance advice
  13. Method of maintaining AR in which customers typically pay according to the amount shown on a monthly statement, rather than by individual invoices.
    Balance-forward method
  14. A document listing all transactions that occurred during the past month and informing customers of their current account balance.
    Monthly statement
  15. Producing monthly statements for subsets of customers at different times.
    Cycle billing
  16. A document, approved by the credit manager, authorizing the billing department to credit a customer's account.
    Credit memo
  17. A document listing names and amounts of all customer payments received in the mail.
    Remittance list
  18. A postal address to which customers send their remittances.
  19. The combination of EFT and EDI that enables both remittance data and funds transfer instructions to be included in one electronic package.
    Financial electronic data change
  20. A lockbox arrangement in which the bank electronically sends the company information about the customer account number and the amount remitted as soon as it receives payments.
    Electronic lockbox
  21. The transfer of funds through use of online banking software.
    Electronic funds transfer
  22. A number that enables customers to remit payments via an ACH credit without requiring the seller to divulge detailed information about its bank account.
    Universal payment identification code. (UPIC)