INMT 341 EXAM 1 PREP QUESTIONS WITH VERIFIED SOLUTIONS LATEST UPDATE 2026

INMT 341 EXAM 1 PREP QUESTIONS WITH VERIFIED SOLUTIONS LATEST UPDATE 2026 ACH Automated Clearing House - Answers Electronic bank-to-bank payment system P5 O2C Available to Purchase - Answers Inventory that is available to promise to customer. Process 2: Sales Order O2C BackOrder - Answers Customer order placed when inventory is unavailable. Process 2 Sales Orders, O2C Balance Forward Approach - Answers Billing method where unpaid balance rolls forward each cycle; Bill Customer O2C Closed Sales Order - Answers Invoice has been fully paid. Cash Collection O2C Customer Relationship Management - Answers System that manages all the info. cycle billing - Answers Customers are billed at different times during the month; Bill Customer, O2C EOQ - Answers Optimal order level for inventory that minimizes the costs. P2P Electronic Funds Transfer - Answers transfer of funds from customer to company; Cash Collections, O2C Enterprise Resource Planning - Answers Integrated system that manages the sales inventory accounting finance. (FEDI) Financial Electronic Data Interchange - Answers Definition: Electronic exchange of financial documents between parties. Process: #5 Record Cash CollectionsType: O2C General Authorization - Answers Pre approved authority for routine transaction. Approve Credit O2C Lock Box - Answers Bank Service that receives and processes customer payment. Record cash collection O2C Monthly Periodic Statement - Answers Summary of customer invoices and balances; Bill Customer O2C Open Sales Invoice - Answers Invoice issued but not yet paid; Bill Customer, O2C Order Acknowledgment - Answers Confirmation sent to customer that order was received. Process sales order. O2C Purchase Requisition - Answers Internal request to purchase inventory or services. P2P Picking Slip - Answers Source Document listing items to be picked from inventory. Record picking and shipping O2C Receiving Report - Answers Document confirming the goods received from suppliers. P2P Remittance Advice - Answers Customer doc that explains how payment should be sent. Cash Collections O2C Request for Proposal - Answers Request sent to vendors for pricing and terms. P2P Return Material Authorization - Answers Approval letting the customers return the merch. Both Shipping Notice - Answers Notification that the goods have been shipped. Picking and Shipping O2C Specific Authorization - Answers Approval required for a specific transactions. Approve Credit O2C Specifc Invoice Method - Answers Each shipment gets its own invoice; Bill Customer. O2C StockOut - Answers Inventory is unable to fulfil an order. Process Sales Order O2C Turn Around Doc - Answers Doc returned to the customer with payment info. Cash Collection O2C Two-way match - Answers Matching the invoice to the purchase order or receiving report. P2P Unapplied Cash. - Answers Payment was received but not yet matched to a specific invoice. Cash Collections. O2C Valid Open Sales Order - Answers Approved sales order that makes it eligible for picking and shipping Order 2 Cash Business Events - Answers Market Goods, Negotiate a Sales Order, Select and Inspect, Prepare and Deliver, Receive Payment, Return P2P Business events - Answers Identify Need, Negotiate a Purchase Order, Receive and Inspect, Store and Maintain, Pay, Return. Advanced Shipping Notice - Answers an electronic document that the supplier sends the retailer in advance of a shipment to tell the retailer exactly what to expect in the shipment Bill of Lading - Answers Source document that shows ownership of goods during transit or delivery. Customer Order - Answers it is a request from the customer to purchase a good or service, in O2C. Customer Receipt - Answers Proof of payment that is given to the customer after they pay! O2C Packing Slip - Answers A doc that is included in shipment that has the details on it. O2C and P2P Picking Slip - Answers A document the warehouse uses to pick the inventory to fulfill an order. Both P2P and O2C Purchase Request - Answers An internal doc requesting approval to buy the goods or services P2P Purchase Order - Answers A formal document that is sent to a vendor requesting goods or services at agreed prices and terms. P2P Quote/Bid/Proposal - Answers A document outlining pricing and term before a sale/purchase is finalized Sales Invoice - Answers A bill that is sent to a customer requesting payment for goods/services. O2C Sales Order - Answers An internal document that is created after a customer order is accepted and then entered into the system. O2C Service Level Agreement - Answers A contract outlining performance expectations between the 2 parties. O2C and P2P Vendors Invoice - Answers A bill that is received from a supplier that is requesting payment. P2P Bar coded products - Answers Products labeled with barcodes to allow for scanning and tracking Blanket Purchase Order - Answers Longer term; Purchase order that allows multiple deliveries under one agreement. P2P Cash Disbursement Transaction Data Store - Answers System of records that hols payments made to vendors. P2P Procurement Cards - Answers Company issued cards to make small purchases without the need of PO. p2p Debit memo - Answers Document issued to reduce the amount of money owed to a vendor or customer. (Returns) Encumbrance - Answers Funds reserved after a purchase order is approved but before the payment is made. P2P Evaluated Receipt Settlement. - Answers Payment method where invoice is not required; payments based on receiving report and PO. P2P Inventory Master Date Store - Answers Data base containing the item details like SKU, Costs, and reorder levels. JIT Just in Time - Answers Inventory system where the goods arrive only when they need to reduce holding costs. Material Requirement Plannin MRP - Answers it is a system that will calculate the materials needed based on production schedules. P2P Open Vendors Invoice - Answers Record of unpaid vendor invoices awaiting payment; P2P Open Purchase Order - Answers PO that has been issued but not fully closed or recieived Purchase Requisition - Answers Internal request that hasn't yet been converted into a PO. P2P Purchase Order. - Answers Formal Request send to a vendor to buy there good/service PO transaction data store - Answers data base that stores the information about the PO and its related details. P2P Purchase request data store - Answers Another data base that stores internal purchase reqs Purchase req - Answers internal document that is requisition approval to purchase goods. P2P Request for Proposal. - Answers Formal document that is requesting vendors to propose solutions for many complex needs. P2P Three way match. - Answers Control process matching PO, and vendor invoice, and Receiving report before payment two way match. - Answers control process matching PO and vendor invoice before payment. P2P Vendors invoice - Answers Bill received from suppliers requesting payment. P2P Vendor managed Inventory (vmi) - Answers Inventory management system where the suppliers monitor and replenishes the stock P2P. Tickler Data Store - Answers System that is tracking due dates and "tickles" you to pay your payments. P2P Use of Order to Cash - Answers Make money; Customer Service