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AIS- EXPENDITURE CYCLE

AIS- EXPENDITURE CYCLE
13問 • 1年前
  • Anndrea S. Galupo
  • 通報

    問題一覧

  • 1

    The objective of this is to convert the organization’s cash into physical materials and human resources it needs to conduct the business.

    EXPENDITURE CYCLE

  • 2

    The time lag between these events splits the procurement process into two phases:

    PHYSICAL AND FINANCIAL PHASE

  • 3

    Phase in which it involves the acquisition of resource

    PHYSICAL PHASE

  • 4

    Phase which includes the discbursement of cash.

    FINANCIAL PHASE

  • 5

    It include the tasks involved in identifying inventory needs, placing the order, receiving the inventory and recognizing the liability. ▪ In general these procedures apply to both manufacturing and retailing firms.

    PURCHASES PROCEDURES

  • 6

    •It includes the name and address of the primary supplier, the economic order quantity of the item, and the standard or expected cost of the item. ▪ Providing this information to the purchasing agents allows them to deal with the routine purchases as efficiently as good control permits focusing on sourcing scare, expensive and unusual inventory items.

    VALID VENDOR FILE

  • 7

    •It provides an important control by listing only approved vendors. ▪ The purpose is to ensure that the organization purchases inventories only from authorized vendors. ▪ This helps to reduce certain vendor fraud schemes such as an agent buying from suppliers with whom he/she has a relationship or buying at excessive prices from vendors in exchange for a kickback or bribe.

    VALID VENDOR FILE

  • 8

    •Goods arriving from the vendor are reconciled with the ________ of the PO. •It contains no quantity or price information about the products being receive. ▪ The purpose of it is to force the receiving clerk to count and inspect inventories prior to completing the receiving report.

    BLIND COPY

  • 9

    It is the formal authority to record the liability and to subsequently make payment.

    ACCOUNTS PAYABLE PACKET

  • 10

    Some firms use this system as an alternative to the AP procedures.Under this system, the AP department uses cash disbursement vouchers and maintains a voucher register.

    VOUCHER PAYABLE SYSTEM

  • 11

    Each voucher is recorded in where? Itreflects the AP liability of the firm; the sum of the unpaid vouchers in the register is the firm’s total AP balance.

    VOUCHER REGISTER

  • 12

    It processes the payment of obligations created in the purchase system. The principal objectives of this system is to ensure that only valid creditors receive payment and that amounts paid are timely and correct.

    CASH DISBURSEMENT SYSTEM

  • 13

    Upon the completion of the physical count and inspection, the receiving clerk prepares this, stating the quantity and condition of the inventories.

    RECEIVING REPORT

  • VITMOLOGY-PPT2

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    Anndrea S. Galupo · 22問 · 1年前

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    Anndrea S. Galupo · 35問 · 1年前

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    Anndrea S. Galupo · 38問 · 2年前

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    問題一覧

  • 1

    The objective of this is to convert the organization’s cash into physical materials and human resources it needs to conduct the business.

    EXPENDITURE CYCLE

  • 2

    The time lag between these events splits the procurement process into two phases:

    PHYSICAL AND FINANCIAL PHASE

  • 3

    Phase in which it involves the acquisition of resource

    PHYSICAL PHASE

  • 4

    Phase which includes the discbursement of cash.

    FINANCIAL PHASE

  • 5

    It include the tasks involved in identifying inventory needs, placing the order, receiving the inventory and recognizing the liability. ▪ In general these procedures apply to both manufacturing and retailing firms.

    PURCHASES PROCEDURES

  • 6

    •It includes the name and address of the primary supplier, the economic order quantity of the item, and the standard or expected cost of the item. ▪ Providing this information to the purchasing agents allows them to deal with the routine purchases as efficiently as good control permits focusing on sourcing scare, expensive and unusual inventory items.

    VALID VENDOR FILE

  • 7

    •It provides an important control by listing only approved vendors. ▪ The purpose is to ensure that the organization purchases inventories only from authorized vendors. ▪ This helps to reduce certain vendor fraud schemes such as an agent buying from suppliers with whom he/she has a relationship or buying at excessive prices from vendors in exchange for a kickback or bribe.

    VALID VENDOR FILE

  • 8

    •Goods arriving from the vendor are reconciled with the ________ of the PO. •It contains no quantity or price information about the products being receive. ▪ The purpose of it is to force the receiving clerk to count and inspect inventories prior to completing the receiving report.

    BLIND COPY

  • 9

    It is the formal authority to record the liability and to subsequently make payment.

    ACCOUNTS PAYABLE PACKET

  • 10

    Some firms use this system as an alternative to the AP procedures.Under this system, the AP department uses cash disbursement vouchers and maintains a voucher register.

    VOUCHER PAYABLE SYSTEM

  • 11

    Each voucher is recorded in where? Itreflects the AP liability of the firm; the sum of the unpaid vouchers in the register is the firm’s total AP balance.

    VOUCHER REGISTER

  • 12

    It processes the payment of obligations created in the purchase system. The principal objectives of this system is to ensure that only valid creditors receive payment and that amounts paid are timely and correct.

    CASH DISBURSEMENT SYSTEM

  • 13

    Upon the completion of the physical count and inspection, the receiving clerk prepares this, stating the quantity and condition of the inventories.

    RECEIVING REPORT