Chapter 7 Key Terms

Question	Answer
vendor transactions	include playing product orders, receiving products and paying bills
customer transactions	include recording sale of product on invoices and receiving customer payments
inventory	products we buy for which we track quantities
non-inventory	products that we buy but we don't need to track the quantity of the product
service	services that we buy from vendors
bundle	a collection of products and services that we sell together as a bundle
purchase order	record of an order to purchase products from a vendor
Pay Bills	to select the bills that are due and we are ready to pay
invoice	used to record sales when the customer will pay later
internal control	set of processes and procedures to safeguard assets and detect errors
3 way match	compares: what was ordered? what was received: what was billed?

Resource summary

	Created by Stephanie Spearman about 2 years ago