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413 Exam 2
Exam 2
| Term | Definition |
|---|---|
| Bid/Proposal | This document, from the vendor, allows to company to make decisions about the right vendor to purchase from. |
| Receiving Report/Goods Receipt | This document records the quantity of goods received. |
| Payment Voucher | This document indicates what invoices and what amounts should be paid to a vendor |
| Purchase Requisition | Based on a sales forecast or low inventory levels, this document would identify the quantities of inventory items needed to be ordered. |
| Purchase Invoice | This document is received from a vendor showing the quantity of goods shipped, their final prices and any other charges, such as shipping and taxes. |
| Remittance Advice | This document helps assure that a check payment is applied to our account correctly by the vendor. |
| Purchase order | this document, if followed by a sales order from the vendor, represents a commitment to buy goods. |
| Key Steps in Designing and using AIS | Configure the system, Create Master Data, Enter transactions |
| Default general ledger accounts in manual illustration were used in the columns of ______ to both _____ | Special journals to simplify recording and speed posting |
| Default ledger accounts for transactions can be determined by: | The transaction type, the vendor, the inventory item |
| Custom Fields | fields not built into the system but instead are added by the organization during configuration to gather critical data for managing or evaluating the business process. |
| For the expenditure process, master data consists of: | Chart of accounts, customers/A/R balance, Vendors/A/P balance, Inventory items |
| Configuration data | Data that makes the system work. Includes data about the company being accounted for, the types of information it will be capturing, accounting processes... |
| Master Data | Data about people (agents) and resources involved in accounting transactions. |
| What type of data do GL accounts store? | Master data |
| Transaction data | About the activities in the business process. Include activities that have a financial reporting result. |
| When is the entry made to debit inventory and credit A/P in the expenditure process? | When you receive the invoice. |
| In the revenue process which date do you use for the journal entry for sales and COGS | the date the inventory was shipped, however, it is recorded when you bill the customer |
| Account type | determines where the account appears on the financial statements |
| Detail type | determines what type of details are tracked for the account. For example, setting up an account as a type "Accounts Payable" means that it will have a subsidiary ledger for vendors. |
| Audit Trail | The series of documents/activities, that led to a transaction. |
| Drill Down | The process of following the audit trail to find more detail about the source of a transaction. |
| Drilling down to show the audit trail is a ..... | reporting activity |
| Documents are tagged as open when.... | the activity following has not been completed - a purchase order is open when there has not been a delivery and invoice |
| Documents are tagged as closed when.... | the activity following has been completed - a purchase order is closed when all of the items have been received or cancelled. |
| Step 1 in configuring data | Entering information about the company being accounted for Name, address, logos, etc |
| Step 2 in configuring data | Determine the types of transactions that will be allowed Enabling purchase orders, sales receipts, sales |
| Step 3 in configuring data | Identify settings that will be used when recording specific transactions Choose default General ledger accounts that will be debited and credited and what types of costs or taxes might be tracked |
| What are a couple cost - benefit tradeoffs for Kim - first 2 | - No formal Receiving or delivered report. - Doesn't track inventory on sales orders, instead has a spreadsheet |
| What are a couple cost - benefit tradeoffs for Kim - Second 2 | - Doesn't create a new sales order, instead updates the estimate - Doesn't pay for the more expensive version of quickbooks, so has to create some reports custom |
Created by:
sekavecr