Accounting > EXAM > WGU-D217 - Accounting Information Systems - Chapter 4 exam 2022/2023 with 100% correct answers (All)

WGU-D217 - Accounting Information Systems - Chapter 4 exam 2022/2023 with 100% correct answers

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What are the two phases of the revenue transaction? (1) The physical phase (2) The financial phase What are the two major subsystems of the revenue cycle? (1) the sales order processing subs... ystem (2) the cash receipts subsystem What are the three procedures that make up the revenue cycle for most organizations? (1) Sales order procedures (2) Sales return procedures (3) Cash receipts procedures What is a customer order? This is a document indicating the type and quantity of merchandise being requested. What is a sales order? This is a source document that captures vital information related to the sale What is a sales order (credit copy)? This is a copy of the sales order sent by the receive-order task to the check-credit task. It is used to check the credit-worthiness of a customer. What is the approved sales order? This contains the sales order information for the sales manager to review once the sales order is approved. What is the stock release? This is the document that identifies which items of inventory must be located and picked from the warehouse shelves. What is the verified stock release? After stock is picked, this is the verification of the order for accuracy and release of the goods What is a back-order record? This is the record that stays on file until the inventories arrive from the supplier. These back-ordered items are shipped before new sales are processed. What are stock records? These are formal accounting records for controlling inventory assets. What is a packing slip? This is a document that travels with the goods to the customer to describe the contents of the order. What is a shipping notice? This is the document that informs the billing department that the customer's order has been filled and shipped. What is a bill of lading? This is the formal contract between the seller and the shipping company that transports the goods to the customer. What is a shipping log? This specifies the orders shipped during the period. What is the sales order (invoice copy) ? This is the copy of the sales order to be reconciled with the shipping notice. It describes the products that were actually shipped to the customer. What is the S.O. Pending file? This is the file used to store the sales order (invoice copy) from the receive-order task until receipt of the shipping notice. What is a sales invoice? This is the document that formally depicts the charges to the customer. What is the sales journal? This is the special journal used for recording completed sales transactions. At the end of the period, these entries are summarized in a sales journal voucher. What is a journal voucher file? This is a compilation of all journal vouchers posted to the general ledger. What is the inventory subsidiary ledger? This is the ledger with inventory records updated from the stock release copy by the inventory control system. What is the accounts receivable (AR) subsidiary ledger? This is the account record that shows activity by detail for each account type, and contains, at minimum: customer name, address, balance, credit, transaction dates, invoice numbers, payments, returns, allowances. What is the ledger copy? This is the copy of sales order received along with the customer sales invoice by the billing department clerk from the sales department. What is a return slip? This is the document recording the counting and inspection of items returned, prepared by the receiving department employee. What is a credit memo? [Show More]

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