Term
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Definition
| Department maintaining custody of the inventory |
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Term
1) Collect and process data about a business activities effectively and efficiently
2) Provide information useful for decision making
3) Establish adequate controls |
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Definition
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Term
1) Expenditure
2) Production
3) HR/Payroll
4) Revenue
5) Financing |
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Definition
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Term
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Definition
The employee with primarily recording responsibilities
(Warren Sports Supply) |
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Term
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Definition
| The person who reconciles the bank statement with company records |
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Term
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Definition
The employee whose primary responsibility is authorization
(Warren Sports Supply) |
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Term
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Definition
| FOB Destination - Freight Prepaid |
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Term
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Definition
| FOB Shipping Point - Freight Collect |
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Term
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Definition
Prevents selling too many good to customers
(In terms of money) |
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Term
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Definition
| _____ Cycle - Obtaining necessary funds, repay creditors, and distribute profits to investors |
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Term
1) Infrastructure
2) Procurement
3) Human Resource Management
4) Information Technology |
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Definition
| Four support activities on Porter's Value Chain |
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Term
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Definition
| FOB Shipping Point - Freight Prepaid |
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Term
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Definition
| Links value chains of different firms |
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Term
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Definition
| _____ Cycle - Converting raw materials and labor into final goods |
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Term
1) People
2) Procedures
3) Data
4) Software
5) IT Infrastructure |
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Definition
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Term
|
Definition
| Shows authorization in a manual system |
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Term
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Definition
| Accounting cycle that includes monitoring vendor perfomance |
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Term
| Acquire and pay for resources |
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Definition
| Business process linked to expenditure cycle |
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Term
1) Data Collection
2) Data Processing
3) Data Management
4) Information Gathering |
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Definition
| Four functions of transferring data into information |
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Term
|
Definition
| Links all of an organizations business processes |
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Term
|
Definition
| _____ Cycle - Selling goods/services and collecting payment |
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Term
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Definition
| _____ Cycle - Buying/paying for goods/services used |
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Term
|
Definition
| The type of inventory system used by Warren Sports Supply |
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Term
|
Definition
| FOB Destination - Freight Collect |
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Term
| Database Management System (DBMS) |
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Definition
| Computer program that enables users to create, modify, and utilize database information efficicently |
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Term
|
Definition
| ____ Cycle - Hiring and paying employees |
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Term
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Definition
| Transfers custody to the shipper |
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Term
| Database > File > Record > Field |
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Definition
| Computer AIS: Data hierarchy (Largest to Smallest) |
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Term
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Definition
| Department updating A/R subsidiary ledger |
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Term
1) Convert resouces into good/services
*Production/Conversion
2) Acquire customers, deliver goods/services, and collect revenue
*Revenue
3) Acquire and pay for resources
*Expenditure, Financing, HR/Payroll |
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Definition
| Three Business Process with the relationship between them and the transaction cycle |
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Term
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Definition
| Authorizes workers to release goods from the warehouse |
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Term
|
Definition
| Department maintaining inventory records |
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Term
1) Customer Order
2) Picking List
3) Packing List
4) Bill of Lading
5) Customer Invoice
6) Customer Check
7) Remittance Advice
8) Deposit Slip |
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Definition
| Eight documents of the Revenue cycle |
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Term
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Definition
| Indicates the customer balance owed to the company |
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Term
1) Relevance
2) Timeliness
3) Accuracy
4) Completeness
5) Summarization |
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Definition
| Five characteristics of useful information |
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Term
|
Definition
| Recording, authorization, and custody |
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Term
|
Definition
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Term
Complete
Accurately recorded
Valid
Restricted access (Authorized) |
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Definition
| The four objectives of the revenue cycle in respect to transactions |
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Term
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Definition
| Re-performing an employee's calculations |
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Term
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Definition
| Used to uniquely identify each transaction |
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Term
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Definition
| Where the sales transactions are recorded |
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Term
1) Ensure that the information is reliable
2) Ensure that business activities are performed efficiently and in accordance with management's objectives
3) Safeguard organizational assets |
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Definition
| Three objectives of internal control |
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Term
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Definition
| Prepared to update customer records when goods are returned |
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Term
|
Definition
| Receives information from all cycles/business processes |
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Term
|
Definition
| Where cash sales are recorded |
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