accounting info system chapter 2 Flashcards
1
Q
cash transaction
A
payment is made immediately
2
Q
credit transaction
A
payment is delayed
3
Q
receipt
A
acknowledges payment made by customers immediately after goods have been sold/provided services
4
Q
remittance advice
A
informs credit supplier that payment by cheque has been made
5
Q
invoice
A
informs credit customer of the amount owed after the biz has sold goods/provided service
6
Q
credit note
A
overcharged
returned goods
7
Q
debit note
A
undercharged
8
Q
payment voucher
A
process payment to credit supplier
must be approved by authorised personnel
