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AIS 272 Chapter 13

Teacher: Rebecca Brown
Across
A document that record details about each delivery, including the data received, shipper, vendor, quantity received. This document is called a ____ report.
_____ fund: A cash account with two characteristics: 1) It is set at a fixed amount; and 2) vouchers are required for every disbursement. At all times, the sum of cash plus vouchers should equal the present fund balance.
An invoiceless approach to accounts payable that replaces the three-way matching process (vendor invoice, receiving report, and purchase order) with a two-way match of the purchase order and receiving report. ERS saves time and money by reducing the number of mismatches and the time and expense of generating and tracking invoices. (Acronym)
An approach to inventory management that seeks to reduce required inventory levels by improving the accuracy of forecasting techniques to better schedule purchases to satisfy production needs. (Acronym)
The set of documents used to authorize payment to a vendor. It consists of a purchase order, receiving report, and vendor invoice. (Two words)
The level to which the inventory balance of an item must fall before an order to replenish stock is initiated. (Two words)
A document or electronic form that identifies the requisitioner; specifies the delivery location and data needed; identifies the item numbers, descriptions, quantity, and price of each item requested; and may suggest a vendor. This is a purchase ____.
A document used to record reduction to the balance due to a vendor. (Two words)
A document that formally requests a vendor to sell and deliver specified products at designated prices. It is also a promise to pay and becomes a contract once the vendor accepts it. This is a purchase _____.
Down
Practice in which manufacturers and distributors manage a retail customer's inventory using EDI. The supplier accesses its customer's point-of -sale system in order to monitor inventory and automatically replenish products when they fall to an agreed-upon levels. (Acronym)
A system that minimizes or virtually eliminates manufacturing inventories by scheduling inventory deliveries at the precise times and locations needed. Instead of making infrequent bulk deliveries to a central receiving and storage facility, suppliers deliver materials in small lots of frequent intervals to the specific locations that require them. (Acronym)
The optimal order size to minimize the sum of ordering, carrying, and stockout costs. Ordering costs are expenses associated with processing purchase transactions. Carrying costs are the costs associated with holding inventory. Stockout costs, such as lost sales or production delays, result from inventory shortages. (Acronym)
_____ system: A method for processing accounts payable in which each approved invoice is posted to individual records in the accounts payable file and is then stored in an open invoice file. When a check is written to pay for an invoice, the invoice is removed from the open invoice file, marked paid, and stored in the paid invoice file.
_______ card: A corporate credit card that employees can use to purchase specific kinds of items.
A recurring set of business activities and related data processing operations associated with the purchase of and payment for goods and services. This is the ____ cycle.
Gifts given by vendors to purchasing agents for the purpose of influencing their choice of suppliers.
____ voucher: A document that identifies the vendor, lists the outstanding invoices, and indicates the net amount to be paid after deducting any applicable discounts and allowances.
_____ system: A method for processing accounts payable in which a disbursement voucher is prepared instead of posting invoices directly to vendor records in the accounts payable, subsidiary ledger. The disbursement voucher identifies the vendor, lists the outstanding invoices, and indicates the net amount to be paid after deducting any applicable discounts and allowances.
____ purchase order: A commitment to purchase specified items at designated prices from a particular supplier for a set time period often once a year.