ACC 3303 (Expenditure cycle vocab)

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Dbadams94
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308953
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ACC 3303 (Expenditure cycle vocab)
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2015-10-07 10:42:32
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accounting
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ACC
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  1. The optimal order size to minimize the sum of ordering, carrying, and stockout costs.
    Economic order quantity
  2. Specifies the level to which the inventory balance of an item must fall before an order to replenish stock is initiated.
    Reorder point
  3. An approach to inventory management that seeks to reduce required inventory levels by improving the accuracy of forecasting techniques to better schedule purchases to satisfy production needs.
    Materials requirement planning
  4. A system that minimizes or virtually eliminates inventories by purchasing and producing goods only in response to actual, rather than forecasted, sales.
    Just-in-time inventory system
  5. A document or electronic form that identifies the requisitioner, specifies the delivery location and date needed, identifies the item numbers, descriptions, quantities, and price of each item requested, and may suggest a supplier.
    Purchase requisition
  6. A document that formally requests a supplier to sell and deliver specified products at designated prices.
    Purchase order
  7. A commitment to purchase specified items at designated prices from a particular supplier for a set time period.
    Blanket order
  8. Practice in which manufacturers and distributors manage a retail customer's inventory using EDI.
    Vendor-managed inventory
  9. Gifts given by suppliers to purchasing agents for the purpose of influencing their choice of suppliers.
    Kickbacks
  10. A document that record details about each delivery, including the date received, shipper, supplier, and quantity received.
    Receiving report
  11. A document used to record a reduction to the balance due to a supplier.
    Debit memo
  12. The set of documents used to authorize payment to a supplier.
    Voucher package
  13. A method for processing AP in which each approved invoice is posted to individual supplier records in the AP file and is then stored in an open invoice fil.
    Nonvoucher system
  14. A corporate credit card that employees can use only at designated suppliers to purchase specific kinds of items.
    Procurement card
  15. A method for processing AP in which a disbursement voucher is prepared instead of posting invoices directly to supplier records in the AP sub-ledger.
    Voucher system
  16. A document that identifies the supplier, lists the outstanding invoices, and indicates the net amount to be paid after deducting any applicable discounts and allowances.
    Disbursement voucher
  17. An invoiceless approach to AP that replaces the 3-way matching process with a 2-way match of the purchase order and receiving report.
    Evaluated receipt settlement
  18. A cash account with 2 characteristics: 
    1. Set at a fixed amount
    2. Vouchers are required for every disbursement
    Imprest fund
  19. The present imprest fund balance should always = ... + ...
    sum of cash, vouchers

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