Sales Invoice – Accounting And Finance Quiz
The key terms in these Finance chapters include Sales Invoice.
A company uses the method for tracking accounts receivable where customers pay according to individual sales invoices. This describes the ________ method.
cycle billing
monthly statement
open-invoice – Correct
balance forward
Upon notification from the receiving department that the goods have been returned, the manager issues a(n) ________ , which authorizes the adjustment of the customer’s account.
bill of lading
debt memo
credit memo – Correct
An ________ is an arrangement where a bank receives customer payments and transmits payment data to the organization.
electronic lockbox – Correct
electronic data interchange (EDI)
e-commerce
electronic funds transfer (EFT)
How does an MRP inventory system reduces inventory levels?
by computing the exact costs of purchasing and carrying inventory
none of the above
by reducing the uncertainty regarding when materials are needed – Correct
by receiving materials exactly when needed and in exact quantities
________ is an efficient way to track and process information about raw materials used in production.
A materials resources planning inventory system
A just-in-time inventory system
Identifying materials with bar codes or RFID tags – Correct
Job-order costing
The acronym “RFP” stands for what?
Request for Proposal – Correct
A company uses the method for tracking accounts receivable where customers pay according to individual sales invoices. This describes the ________ method.
cycle billing
monthly statement
open-invoice – Correct
balance forward
Upon notification from the receiving department that the goods have been returned, the manager issues a(n) ________ , which authorizes the adjustment of the customer’s account
adjusting entry
bill of lading
debt memo
credit memo – Correct
An ________ is an arrangement where a bank receives customer payments and transmits payment data to the organization.
electronic lockbox – Correct
electronic data interchange (EDI)
e-commerce
electronic funds transfer (EFT)
For strongest segregation of duties, the credit manager should never report to
the credit department.
the marketing department. – Correct
the accounting department.
the IT department.
The ________ is a legal contract that defines responsibility for goods that are in transit.
back order
packing slip
bill of lading – Correct
picking list
Before a shipping notice is prepared during the revenue cycle, shipping department personnel should match the inventory received from the warehouse to the
picking ticket and sales order. – Correct
sales order and bill of lading.
sales order.
picking tickets.
A company uses the method for tracking accounts receivable where customers pay according to individual sales invoices. This describes the ________ method.
cycle billing
monthly statement
open-invoice – Correct
balance forward
Upon notification from the receiving department that the goods have been returned, the manager issues a(n) ________ , which authorizes the adjustment of the customer’s account.
adjusting entry
bill of lading
debt memo
credit memo – Correct
An ________ is an arrangement where a bank receives customer payments and transmits payment data to the organization.
electronic lockbox – Correct
electronic data interchange (EDI)
e-commerce
electronic funds transfer (EFT)
For strongest segregation of duties, the credit manager should never report to
the credit department.
the marketing department. – Correct
the accounting department.
the IT department.
The ________ is a legal contract that defines responsibility for goods that are in transit.
back order
packing slip
bill of lading – Correct
picking list
Before a shipping notice is prepared during the revenue cycle, shipping department personnel should match the inventory received from the warehouse to the
picking ticket and sales order. – Correct
sales order and bill of lading.
sales order.
picking tickets.