Accounting and information system

CHAPTER 13 THE EXPENDITURE CYCLE: PURCHASING TO CASH DISBU 3. Just-in-time (GIT) inven c.The time to reorder inventory triggend tory system when the quantity on hand falls to a predelermined level 4. Purchase requisition d. A document used to authorize a reduction in accounts payable because merchandise has been returned to a supplier 5. Imprest fund e. An inventory control system that triggers production based upon actual sales An inventory control system that triggers production based on forecasted sales 6' Purchase order f. -7. Kickbacks g. A document used only internally to initi- ate the purchase of materials, supplies, or services 8. Procurement card h. A process for approving supplier invoices based on a two-way match of the receiv. ing report and purchase order A process for approving supplier invoices based on a three-way match of the pur- chase order, receiving report, and supplier invoice 9- Blanket purchase order i. 10. Evaluated receipts settle i A method of maintaining accounts pay- ment (ERS) able in which each suppber invoice is tracked and paid for separately 11. Disbursement voucher k. A method of maintaining accounts payable that generates one check to pay for a set of invoices from the same supplier 12. Receiving report 1 Combination of a purchase order, receiv- ing report, and supplier invoice that all relate to the same transaction 13. Debit memo m. A document used to list each invoice be- ing paid by a check _ 14 Vendor-managed inventory n. An inventory control system that seeks to minimize the sum of ordering, carrying and stockout costs 15. Voucher package o. A system whereby suppliers are granted access to point-of-sale (POS) and inven- tory data in order to automatically replen- ish inventory levels 16. Nonvoucher system p. An agreement to purchase set quanti- ties 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 pur- chase supplies s. A fraud in which a supplier pays a buyer or purchasing agent in order to sell its products or services 13.2 Match the terms in the left column with their appropriate definition in the right column. Terms 1. Economic order quantity Definitions a. A document that creates a legal obligation to buy and pay for goods or services b. The method used to maintain the cash balance in the petty cash account (EOO) 2. Materials requirements planning (MRP)