ACCT 351
Acct 351 Exam 4 Study Questions with
Detailed Answers 2025-2026
Human resource processes
Aquire and manage employees
Payroll processes
Pay for employees' work
Purchasing Process
procurement processes, focused on acquiring the necessary resources for a business
to operate
Inventory Management
the planning and controlling of inventories to meet the competitive priorities of the
organization
fixed assets
includes land, land improvements, buildings, equipment and machinery. Also
known as capital expenditures or CAPEX
Fixed Asset Purchases, list the steps and explain each...
1. Fixed asset procurement - begins with a purchase requisition. May require
authorization limits and levels.
2. Receiving & tagging fixed assets - received assets require a receiving report, and
tagged for future identification
3. Recording fixed assets - record the debit to asset and the payment method
4. Fixed asset reconciliation - ensures the financial statement balances are accurate
Payment Voucher
bill from a vendor which includes the related purchase order number, billing date,
description & quantities of goods, amount due and payment terms
bank remittance report
ACCT 351
, ACCT 351
A source document that lists the checks received from customers throughout a day.
What are the types of reports for Raw Material Purchasing?
Products received by time, products received by vendor, purchase requisitions
filled and open, purchase orders filled and open, purchase orders aging, back order
report, main vendor table.
What are the types of reports for Fixed Asset purchasing?
Additions purchased by vendor, purchase requisitions filled and open, purchase
orders filled and open, purchase orders aging, back order report, fixed asset listings
What are the types of reports for Accounts Payable?
Cash disbursements journal, purchases by vendor, accounts payable, accounts
payable subsidiary ledger, vendor aging report, invoices
Definition of Business to Consumer
Describes a company that sells finished goods directly to customers. It delivers
goods to a customer in person or near the time of sale by delivery to the customers
address.
Definition of Business to Business
Describes a company that sells finished goods to other businesses, like distributors
and retail companies.
B2C marketing
Connects products to consumers - Marketing departments are responsible for
marketing research! Advertising, branding, promotional programs, and SEO.
B2C Sales
Takes customer orders - Once customers are interested in purchasing, the sales
process takes place.
B2C Cash collection
Collect cash from customers - cash collections usually occur at the same time the
sale is made. Payments can be made with cash, checks, mobile payments, apps,
ACCT 351
Acct 351 Exam 4 Study Questions with
Detailed Answers 2025-2026
Human resource processes
Aquire and manage employees
Payroll processes
Pay for employees' work
Purchasing Process
procurement processes, focused on acquiring the necessary resources for a business
to operate
Inventory Management
the planning and controlling of inventories to meet the competitive priorities of the
organization
fixed assets
includes land, land improvements, buildings, equipment and machinery. Also
known as capital expenditures or CAPEX
Fixed Asset Purchases, list the steps and explain each...
1. Fixed asset procurement - begins with a purchase requisition. May require
authorization limits and levels.
2. Receiving & tagging fixed assets - received assets require a receiving report, and
tagged for future identification
3. Recording fixed assets - record the debit to asset and the payment method
4. Fixed asset reconciliation - ensures the financial statement balances are accurate
Payment Voucher
bill from a vendor which includes the related purchase order number, billing date,
description & quantities of goods, amount due and payment terms
bank remittance report
ACCT 351
, ACCT 351
A source document that lists the checks received from customers throughout a day.
What are the types of reports for Raw Material Purchasing?
Products received by time, products received by vendor, purchase requisitions
filled and open, purchase orders filled and open, purchase orders aging, back order
report, main vendor table.
What are the types of reports for Fixed Asset purchasing?
Additions purchased by vendor, purchase requisitions filled and open, purchase
orders filled and open, purchase orders aging, back order report, fixed asset listings
What are the types of reports for Accounts Payable?
Cash disbursements journal, purchases by vendor, accounts payable, accounts
payable subsidiary ledger, vendor aging report, invoices
Definition of Business to Consumer
Describes a company that sells finished goods directly to customers. It delivers
goods to a customer in person or near the time of sale by delivery to the customers
address.
Definition of Business to Business
Describes a company that sells finished goods to other businesses, like distributors
and retail companies.
B2C marketing
Connects products to consumers - Marketing departments are responsible for
marketing research! Advertising, branding, promotional programs, and SEO.
B2C Sales
Takes customer orders - Once customers are interested in purchasing, the sales
process takes place.
B2C Cash collection
Collect cash from customers - cash collections usually occur at the same time the
sale is made. Payments can be made with cash, checks, mobile payments, apps,
ACCT 351
