Term
| three classes of transactions in the acquisition and payment cycle |
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Definition
1) Acquisitions of goods and services
2) Cash disbursements
3) Purchase returns and allowances and purchase discounts |
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Term
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Definition
| to request goods and services by an authorized employee. |
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Term
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Definition
| document used to order goods and services from vendors. (includes description, quantity, and related info for goods and services the company intends to purchase and is often used to indication authorization of the acquisition) |
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Term
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Definition
| paper or electronic document prepared at the time goods are received. Includes a description of the goods, the quantity received, the date received, and other relevant data. |
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