INMT 341 EXAM 2 QUESTIONS WITH VERIFIED
ANSWERS
2 questions for "Negotiate Sales Order" - Answers - Can you pay for it? Do I have it?
"Deliver Goods/Services" triggers what two information processes? - Answers - Sale
and Invoice
general authorization - Answers - allows you to buy anything within your credit limit
Sales Order - Answers - Customer order that has been credit and inventory checked
When do you close a sales order? - Answers - When you ship the goods and record the
bill
What does a sales order become once it is closed? - Answers - Open Invoice
When do you close an open invoice? - Answers - When it is paid for
Packing list - Answers - Tells whats in the box
Picking list - Answers - Tells what SHOULD BE in the box
Stockout - Answers - Inventory system says we have the item but we don't
Backorder - Answers - Don't have the stock and our inventory system tells us that
Picking slip ideally will match a ____ - Answers - customer order
Shipper/Carrier File - Answers - File about all people that ship goods for me
Bill of Lading - Answers - Legal document between the seller and the shipper
Shipping notice - Answers - message that says items are shipped
You will amend a ____ if there is a stockout. - Answers - picking ticket
Why do we generate a bill? - Answers - Because we shipped the goods
Generate bill happens in the ____ department. - Answers - accounting
What accounts hit the general ledger? - Answers - Sales and Accounts Receivable
, Remittance - Answers - Bottom of the bill
Lapping - Answers - fraud. taking last months invoice and applying it to this month.
Remittance Advice - Answers - one invoice
Remittance List - Answers - More that one invoice
Turnaround document - Answers - something that I send to you that I ask you to send
back
Sales invoice closes when ___ - Answers - it is paid.
Unapplied Cash - Answers - Someone sends me money and I don't know why because
there isn't a remittance advice attached to it
Lockbox - Answers - At the bank instead of having 2 people have custody and record
keeping.
Electronic funds transfer - Answers - never touch cash. goes from one bank to the other
Automated Clearing House (ACH) - Answers - Automated business that helps facilitate
your electronic funds transfer
EMV Technology - Answers - Credit card chip. Not related directly to your bank account.
Uses a unique transaction code that is encrypted.
"Receive and inspect goods/services" triggers which two information processes? -
Answers - Receipt and liability
What Procure to Pay business event triggers two information processes? - Answers -
Receive and Inspect goods/services
What Order to Cash business event triggers two information processes? - Answers -
Deliver goods/services
3 approaches to inventory management control - Answers - Economic Order Quantity
(EOQ), Materials Requirements Planning (MRP) and Just in Time Inventory (JIT and
Kanban)
Just in Time (JIT) - Answers - Designed to keep inventory low
Economic Order Quantity (EOQ) - Answers - Figure out what to reorder based on the
past
ANSWERS
2 questions for "Negotiate Sales Order" - Answers - Can you pay for it? Do I have it?
"Deliver Goods/Services" triggers what two information processes? - Answers - Sale
and Invoice
general authorization - Answers - allows you to buy anything within your credit limit
Sales Order - Answers - Customer order that has been credit and inventory checked
When do you close a sales order? - Answers - When you ship the goods and record the
bill
What does a sales order become once it is closed? - Answers - Open Invoice
When do you close an open invoice? - Answers - When it is paid for
Packing list - Answers - Tells whats in the box
Picking list - Answers - Tells what SHOULD BE in the box
Stockout - Answers - Inventory system says we have the item but we don't
Backorder - Answers - Don't have the stock and our inventory system tells us that
Picking slip ideally will match a ____ - Answers - customer order
Shipper/Carrier File - Answers - File about all people that ship goods for me
Bill of Lading - Answers - Legal document between the seller and the shipper
Shipping notice - Answers - message that says items are shipped
You will amend a ____ if there is a stockout. - Answers - picking ticket
Why do we generate a bill? - Answers - Because we shipped the goods
Generate bill happens in the ____ department. - Answers - accounting
What accounts hit the general ledger? - Answers - Sales and Accounts Receivable
, Remittance - Answers - Bottom of the bill
Lapping - Answers - fraud. taking last months invoice and applying it to this month.
Remittance Advice - Answers - one invoice
Remittance List - Answers - More that one invoice
Turnaround document - Answers - something that I send to you that I ask you to send
back
Sales invoice closes when ___ - Answers - it is paid.
Unapplied Cash - Answers - Someone sends me money and I don't know why because
there isn't a remittance advice attached to it
Lockbox - Answers - At the bank instead of having 2 people have custody and record
keeping.
Electronic funds transfer - Answers - never touch cash. goes from one bank to the other
Automated Clearing House (ACH) - Answers - Automated business that helps facilitate
your electronic funds transfer
EMV Technology - Answers - Credit card chip. Not related directly to your bank account.
Uses a unique transaction code that is encrypted.
"Receive and inspect goods/services" triggers which two information processes? -
Answers - Receipt and liability
What Procure to Pay business event triggers two information processes? - Answers -
Receive and Inspect goods/services
What Order to Cash business event triggers two information processes? - Answers -
Deliver goods/services
3 approaches to inventory management control - Answers - Economic Order Quantity
(EOQ), Materials Requirements Planning (MRP) and Just in Time Inventory (JIT and
Kanban)
Just in Time (JIT) - Answers - Designed to keep inventory low
Economic Order Quantity (EOQ) - Answers - Figure out what to reorder based on the
past
