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Presented Below Is a List of Terms Relating to Accounting

Question 127

Matching

Presented below is a list of terms relating to accounting information systems, followed by definitions of those terms.
Match the appropriate term with each definition. Each answer will be used only once.

Premises:

Responses:

Imprest techniques

A single order which calls for several shipments to the same customer over a specific period of time

Factoring

The selling of accounts receivable at a discount to a collection agency

Blanket order

People hired to purchase goods in a retail environment for the specific purpose of observing the recording of transactions

Customer audit

A synonym for "goods issue notice"

Cycle billing

The processing of accounts receivable, subdivided by alphabet or account number in order to distribute the preparation of statements over the working days of the month

Professional shoppers

A control technique in which an item is held accountable to a specified total amount

Lock-box deposit system

A procedure in which the customer acts as a control over the initial documentation of a transaction

Bill

A document sent to a potential customer to inform them of product prices, availability, and delivery information

Shipping advice

Customer remittances are sent directly to a bank and are credited to a company's account before they are posted to customer accounts

Quotation

Another name for an invoice

Premises:

Imprest techniques

Factoring

Blanket order

Customer audit

Cycle billing

Professional shoppers

Lock-box deposit system

Bill

Shipping advice

Quotation

Responses:

A single order which calls for several shipments to the same customer over a specific period of time

The selling of accounts receivable at a discount to a collection agency

People hired to purchase goods in a retail environment for the specific purpose of observing the recording of transactions

A synonym for "goods issue notice"

The processing of accounts receivable, subdivided by alphabet or account number in order to distribute the preparation of statements over the working days of the month

A control technique in which an item is held accountable to a specified total amount

A procedure in which the customer acts as a control over the initial documentation of a transaction

A document sent to a potential customer to inform them of product prices, availability, and delivery information

Customer remittances are sent directly to a bank and are credited to a company's account before they are posted to customer accounts

Another name for an invoice

Correct Answer:

Premises:

Responses:

Imprest techniques

Factoring

Blanket order

Customer audit