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Presented Below Is a List of Terms Relating to Accounting

Question 128

Matching

Presented below is a list of terms relating to accounting information systems, followed by definitions of those terms.
Match the appropriate term with each definition. Each answer will be used only once.

Premises:
Remittance list
Credit memo
Open-item processing
Bill of lading
Invoice
Balance-forward processing
Sales order
Inquiry
Goods issue notice
Float
Responses:
Documentation which is forwarded to the billing function to evidence a shipment to a customer
Invoice received from a carrier for shipments
The time between the signing of the payment check by a customer and the moment the firm has use of the funds
A form used to document reductions to a customer's account due to sales returns or allowances
A customer's remittances are applied against a customer's outstanding balance rather than against individual invoices
A listing of customer payments in cash and by check that is prepared for control purposes
A document similar to a quotation that does not contain delivery information
A document that informs a customer of charges for goods or services rendered
A customer's remittances are applied against individual invoices rather than a customer's outstanding balance
A document prepared to initiate the shipment of goods to a customer

Correct Answer:

Remittance list
Credit memo
Open-item processing
Bill of lading
Invoice
Balance-forward processing
Sales order
Inquiry
Goods issue notice
Float
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