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a computer file for maintaining a record for each vendor of individual acquisitions, cash disbursements, acquisitions returns and allowances, and vendor balances |
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a listing of the amount owed to each vendor at a point in time; prepared directly from the accounts payable master file |
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acquisition and payment cycle |
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the transaction cycle from the acquisition of and payment for goods and services from suppliers outside the organization |
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a journal or listing generated from the acquisitions transaction file and typically includes information such as vendor name, date, amount, and account classification for each transaction |
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tests to determine whether transactions recorded a few days before and after the balance sheet date are included in the period |
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a document indicating a reduction in the amount owed to a vendor because of returned goods or an allowance granted |
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shipping contract in which title to the goods passes to the buyer when the goods are received |
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shipping contract in which title to the goods passes to the buyer at the time that the goods are shipped |
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a document prepared or electronically issued by the purchasing department indicating the description, quantity, and related information for goods and services that the company intends to purchase |
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request by an authorized employee to the purchasing department to place an order for inventory and other items used by the entity |
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a document prepared by the tangible goods are received, indicating the description of the goods, the quantity received, the date received, and other relevant data; it is part of the documentation necessary for payment to be made |
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a document or record that specifies the details of an acquisition transaction and amount of money owed to the vendor for an acquisition |
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a statement prepared monthly by the vendor, which indicates the customer's beginning balance, acquisitions, payments and ending balance |
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Definition
a document used to establish a formal means of recording and controlling acquisitions, primarily by enabling each acquisition transaction to be sequentially numbered |
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