Busy. Please wait.
Log in with Clever

show password
Forgot Password?

Don't have an account?  Sign up 
Sign up using Clever

Username is available taken
show password

Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.
Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
Didn't know it?
click below
Knew it?
click below
Don't Know
Remaining cards (0)
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

Chapter 11

ACIS 3504

Expenditure cycle A recurring set of business activities and related data processing operations associaated with the purchase of and payment for goods and services
Economic Order Quanity(EOQ) The optimal order size so as to minimize the sum of ordering carrying and stockout costs. Ordering costs include all expenses associated with processing purchase transactions.
Reorder Point The level to which the inventory balance of an item must fall before an order to replenish stock is initiated.
Materials Requirements planning(MRP) An approach to inventory management that seeks to reduce required inventory levels by scheduling production to meet sales forcast demands rahter than estimating needs.
Just in Time Minimize inventory and respond to customer demand to get them the goods. short run produciton plans
Purchase requisiton A document that identifies the requisitioner specifies the delivery location and date needed identifies the item numbres descriptions quantity and price of each item requested and may suggest a vendor
Purchase order A document that formally requests a vendor to sell and deliver specified products at designated prices. It is also a promise to pay and becomes a contract once the vendor accepts it.
blanket purchase order A commitment to purchase specified items at designated prices from a particular supplier for a set time period, 1 year
Receiving Report A document that records details about each delivery including the date received shipper vendor and purchase order number
Debit memo A document used to record a reduction to the balance due to a vendor
nonvoucher system A method for processing accounts payable in which each approved invoice is posted to individual vendor records in the accounts payable file and is then stored in an open invoice file
voucher system A method for processing accounts payable in which a disbursement voucher is prepared instead of posting invoices directly to vendor records in the accoutns payable subsidiary ledger.
disbursemetn voucher Identifies the vendor, lists the outstanding invoices, and indicates the net amount to be paid after deducting any applicable discounts and allowances
voucher package The set of documents used to authorize payment to a vendor. It consists of a purchase order receiving report and vendor invoice
Evaluated receipts settlement(ERS) An invoiceless approach to the accounts payable process. ERS replaces the traditional threeway matchin process with a two way match of the purchase order and the receiving report. Saves time and money by reducing the number of potential mismatches.
kickbacks Gifts given by vendors to purchasing agents for the purpose of influencing their choice of suppliers
imprest fund A cash account with two characteristics 1. Set at fixed amount 2. vouchers are required for every disbursement. At all times the sum of cah plus vouchers shold equal the preset fund balance.
Created by: arfeunc17
Popular Accounting sets




Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
restart all cards