INMT 341 Exam 2
2 questions for "Negotiate Sales Order" - answer Can you pay for it? Do I have it?
"Deliver Goods/Services" triggers what two information processes? - answer Sale and
Invoice
general authorization - answer allows you to buy anything within your credit limit
Sales Order - answer Customer order that has been credit and inventory checked
When do you close a sales order? - answer When you ship the goods and record the
bill
What does a sales order become once it is closed? - answer Open Invoice
When do you close an open invoice? - answer When it is paid for
Packing list - answer Tells what’s in the box
Picking list - answer Tells what SHOULD BE in the box
Stockout - answerInventory system says we have the item but we don't
Backorder - answerDon't have the stock and our inventory system tells us that
Picking slip ideally will match a ____ - answercustomer order
Shipper/Carrier File - answerFile about all people that ship goods for me
Bill of Lading - answerLegal document between the seller and the shipper
Shipping notice - answermessage that says items are shipped
You will amend a ____ if there is a stockout. - answerpicking ticket
Why do we generate a bill? - answerBecause we shipped the goods
Generate bill happens in the ____ department. - answeraccounting
What accounts hit the general ledger? - answerSales and Accounts Receivable
Remittance - answerBottom of the bill
, Lapping - answerfraud. taking last months invoice and applying it to this month.
Remittance Advice - answerone invoice
Remittance List - answerMore that one invoice
Turnaround document - answersomething that I send to you that I ask you to send back
Sales invoice closes when ___ - answerit is paid.
Unapplied Cash - answerSomeone sends me money and I don't know why because
there isn't a remittance advice attached to it
Lockbox - answerAt the bank instead of having 2 people have custody and record
keeping.
Electronic funds transfer - answernever touch cash. goes from one bank to the other
Automated Clearing House (ACH) - answerAutomated business that helps facilitate
your electronic funds transfer
EMV Technology - answerCredit card chip. Not related directly to your bank account.
Uses a unique transaction code that is encrypted.
"Receive and inspect goods/services" triggers which two information processes? -
answerReceipt and liability
What Procure to Pay business event triggers two information processes? -
answerReceive and Inspect goods/services
What Order to Cash business event triggers two information processes? -
answerDeliver goods/services
3 approaches to inventory management control - answerEconomic Order Quantity
(EOQ), Materials Requirements Planning (MRP) and Just in Time Inventory (JIT and
Kanban)
Just in Time (JIT) - answerDesigned to keep inventory low
Economic Order Quantity (EOQ) - answerFigure out what to reorder based on the past
Materials Requirements Planning (MRP) - answerDesigned to order inventory based on
a future forecast
Purchase request closes when ____ - answerit gets approved
2 questions for "Negotiate Sales Order" - answer Can you pay for it? Do I have it?
"Deliver Goods/Services" triggers what two information processes? - answer Sale and
Invoice
general authorization - answer allows you to buy anything within your credit limit
Sales Order - answer Customer order that has been credit and inventory checked
When do you close a sales order? - answer When you ship the goods and record the
bill
What does a sales order become once it is closed? - answer Open Invoice
When do you close an open invoice? - answer When it is paid for
Packing list - answer Tells what’s in the box
Picking list - answer Tells what SHOULD BE in the box
Stockout - answerInventory system says we have the item but we don't
Backorder - answerDon't have the stock and our inventory system tells us that
Picking slip ideally will match a ____ - answercustomer order
Shipper/Carrier File - answerFile about all people that ship goods for me
Bill of Lading - answerLegal document between the seller and the shipper
Shipping notice - answermessage that says items are shipped
You will amend a ____ if there is a stockout. - answerpicking ticket
Why do we generate a bill? - answerBecause we shipped the goods
Generate bill happens in the ____ department. - answeraccounting
What accounts hit the general ledger? - answerSales and Accounts Receivable
Remittance - answerBottom of the bill
, Lapping - answerfraud. taking last months invoice and applying it to this month.
Remittance Advice - answerone invoice
Remittance List - answerMore that one invoice
Turnaround document - answersomething that I send to you that I ask you to send back
Sales invoice closes when ___ - answerit is paid.
Unapplied Cash - answerSomeone sends me money and I don't know why because
there isn't a remittance advice attached to it
Lockbox - answerAt the bank instead of having 2 people have custody and record
keeping.
Electronic funds transfer - answernever touch cash. goes from one bank to the other
Automated Clearing House (ACH) - answerAutomated business that helps facilitate
your electronic funds transfer
EMV Technology - answerCredit card chip. Not related directly to your bank account.
Uses a unique transaction code that is encrypted.
"Receive and inspect goods/services" triggers which two information processes? -
answerReceipt and liability
What Procure to Pay business event triggers two information processes? -
answerReceive and Inspect goods/services
What Order to Cash business event triggers two information processes? -
answerDeliver goods/services
3 approaches to inventory management control - answerEconomic Order Quantity
(EOQ), Materials Requirements Planning (MRP) and Just in Time Inventory (JIT and
Kanban)
Just in Time (JIT) - answerDesigned to keep inventory low
Economic Order Quantity (EOQ) - answerFigure out what to reorder based on the past
Materials Requirements Planning (MRP) - answerDesigned to order inventory based on
a future forecast
Purchase request closes when ____ - answerit gets approved
