Heagy 4

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Author:
miv
ID:
62141
Filename:
Heagy 4
Updated:
2011-02-27 21:52:41
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KCC ACC 251B
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Description:
KCC ACC251B MAS90/200
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  1. accounts payable subsystem
    A subsystem in the purchasing process that is concerned with paying for goods and services purchased from vendors. It may be further divided into the vendor invoicing subsystem and the cash disbursements subsystem. The accounts payable subsystem involves processing invoices received from vendors, maintaining records of vendor balances and total liabilities, and disbursing cash.
  2. accounts receivable subsystem
    A subsystem in the revenue process that is concerned with receiving payment for goods and services sold to customers. It may be further divided into the customer invoicing subsystem and the cash receipts subsystem. The accounts receivable subsystem involves preparing customer invoices and periodic customer statements, maintaining records of customer balances and total receivables, and collecting cash.
  3. cost accounting subsystem
    A subsystem in the inventory process that is concerned with the accumulation of product costs in manufacturing and merchandising organizations or with the accumulation of the costs of providing services.
  4. inventory management subsystem
    A subsystem in the inventory process that is concerned with accounting for raw materials, finished goods, merchandise, and supplies inventories. Inventory management extends to the regulation of inventory levels to satisfy demand while avoiding the extremes of stockouts or excessive inventory levels.
  5. payroll process
    The business process that is concerned with the payment of wages, salaries, and sales commissions to employees and the related withholding of taxes and other deductions. It includes the custody and disposition of liabilities arising from amounts withheld from employee earnings. It also includes depositing tax withholdings and reporting withholding data to the appropriate federal, state, and local taxing authorities.
  6. production control subsystem
    A subsystem in the inventory process of a manufacturing organization. It handles the initiation of production orders in the factory and the tracking and control of production operations. It also includes the preparation of bills of materials, preparation of labor and machine schedules, and the routing of products through the factory.
  7. purchase order processing subsystem
    A subsystem in the purchasing process that is concerned with the issuance and tracking of purchase orders to vendors, or suppliers. The purchase order processing subsystem may extend to the negotiation and monitoring of agreements with subcontractors.
  8. receiving subsystem
    A subsystem in the purchasing process that is concerned with the receipt, inspection, and acceptance of goods and the distribution of the goods within the organization.
  9. sales analysis subsystem
    A subsystem in the revenue process. It is a decision support activity that is concerned with the analysis of historical sales data to provide management with information for marketing and similar purposes.
  10. sales order processing subsystem
    A subsystem in the revenue process that is concerned with processing orders received from customers for the subsequent delivery of goods or provision of services.
  11. sales subsystem
    A subsystem in the revenue process that is concerned with the sale of goods or the provision of services for immediate delivery.
  12. shipping subsystem
    A subsystem in the revenue process that is concerned with the retrieval of goods from the warehouse, the preparation of goods for shipment, the preparation of the paperwork the accompany shipped goods, and the recording of the shipments.
  13. revenue process
    (also selling or selling and collection process) One of the business processes in an accounting system. It pertains to the distribution of resources to customers and others and the collection of earned revenues. The revenue process typically includes the functions of sales, sales order processing, shipping, and accounts receivable.
  14. purchasing process
    (also expenditure, procurement, or acquisition process) One of the business processes in an accounting system. It has to do with the acquisition of resources (goods and services) from external parties and the disbursement of funds in exchange for these resources. It includes the functions of purchasing, receiving, accounts payable, and cash disbursement.
  15. inventory process
    One of the business processes in an accounting system. The scope of the inventory process depends on the nature of an organization. In manufacturing and construction organizations, the inventory process encompasses events related to the transformation of raw materials into finished goods, the accumulation of product costs, and the management of inventories. In a merchandising organization, the inventory process encompasses events related to the accumulation of product costs and the management of merchandise inventories. In a service organization, the inventory process encompasses events related to the accumulation of the cost of services and the management of parts and supplies inventory.
  16. financial process
    One of the business processes in an accounting system. It provides for the following types of transactions: (1) data captured in and transferred from other processes to the financial process, (2) transactions originally recorded in the financial process, and (3) end-of-period adjustments required in the financial process.
  17. Draw a diagram of the activities in an accounting information system just like the one in Exhibit 4.24.
  18. What does the term "integration of subsystems" mean?
    Automatically (or upon user authorization) transferring information regarding transactions from a subsystem, such as accounts receivable, to the general ledger. In some cases (bank reconcilition) data may flow from the general ledger back to a subsystem.

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