Match the terms in the left column with their appropriate definition in the rightcolumn. Terms Definitions 1.
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Terms Definitions 1. Economic order quantity a. A document that creates a legal ob EOO) ligation to buy and pay for oods or services 2. Materials requirements b. The method used to maintain the cash planning (MRP) balance in petty cash account 3. Just-in-time (JIT) inventory c. The tim e to reorder inventory triggered when the quantity on hand falls to a predetermined level system 4. Purchase requisition d. A document used to authorize a reduc tion in accounts payable because mer chandise has been returned to a supplier 5. Imprest fund e. An inventory control system that trig- gers production based upon actual sales f. An inventory control system that trig- 6. Purchase order gers production based on forecasted 7. Kickbacks A document used only internally to ini tiate the purchase of materials, supplies, or services 8. Procurement card h. A process for approving supplier in- voices based on a two-way match of the receiving report and purchase order 9. Blanket purchase order i. A process for approving supplier in voices based on a three-way match of the purchase order, receiving report, and supplier invoice 10. Evaluated receipts j. A method of maintaining accounts pay settlement (ERS) able in which each supplier invoice is tracked and paid for separately 11. Disbursement voucher k. A method of maintaining accounts pay able that generates one check to pay for a set of invoices from the same supplier 12. Receiving report 1. Combination of a purchase order, re ceiving report, and supplier invoice that all relate to the same transaction 13. Debit memo m. A document used to list each invoice being paid by a check 14. Vendor-managed inventory n. An inventory control system that seeks to minimize the sum of ordering, carry ing, and stockout costs 15. Voucher package o. A system whereby suppliers are granted access to point-of-sale (POS) and in ventory data in order to automatically replenish inventory levels 16. Nonvoucher system p. An agreement to purchaseset quantities at specified intervals from a specific supplier 17. Voucher system q. A document used to record the quanti ties and condition of items delivered by a supplier r. A special-purpose credit card used to purchase supplies s. A fraud in which a supplier pays a buyer or purchasing agent in order to sell its products or services
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Terms Definitions 1 n economic order quantity a A document that creates a legal obligation to buy and pay for goods or services 2 f materials requirem...View the full answer
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Accounting Information Systems
ISBN: 978-0133428537
13th edition
Authors: Marshall B. Romney, Paul J. Steinbart
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