Test 3 Chap 12-14 Flashcards
A set of procedures and policies designed to create value for some organizational stakeholder.
Business process
What are the steps in porters value chain?
Move raw materials Make finished goods Move finished product Sell the product Service: Provide support if needed
What are the 7 steps in an effective sales/collection process?
Take customer order, Approve credit Fill order Ship the goods Bill the customer Collect payment Process uncollectibles
Customer order, Picking list, Packing list, Bill of Lading, Customer Invoice, Customer Check, Remittance advice, Deposit slip
Common documents in the sales/collection process
What is the main purpose of the sales/ collection
process?
To track inventory sales and the related cash flows
What is the primary purpose of the Acquisition /Payment process?
To obtain the resources the organization needs and to pay for them
What are the 6 steps in the acquisition/payment process?
Request goods and services Authorize a purchase Purchase goods and services Receive them Disburse cash Process returns when necessary
Purchase requisition Purchase order Receiving report Vendor invoice Check
Common documents in the acquisition and payment process
From a database perspective, purchase requisitions and purchase orders have what type of relationship?
Many and Many
What is the basic purpose of the conversion process?
Converting direct materials, direct labor, and manufacturing overhead into a finished product.
What are some examples of Job Costing?
Custom built homes, works of art etc. Can easily ell items apart by looking at them.
Process costing systems produce what type of goods?
Undifferentiated goods
Materials Requisition Job cost sheet Labor time ticket Production cost report Materials move ticket
Documents associated with the conversion process
