Flashcards

QBO chapter 7 key terms

QUINLAN WILSON Accounting Information Systems Design & Analysis Accountant English 6 cards

Cards in this deck (6)

1InventoryProducts that we buy for which we track quantities
2Non-inventoryProducts that we buy but we don't need to track the quantity of the product
3ServiceServices that we buy from vendors
4BundleA collection of products and services that we sell together as a bundle
53-way matchprinciple of internal control used when ordering, receiving, and paying for inventory.
1. What was ordered?
2. What was received?
3. What was billed?
6Internal controla set of processes and procedures to safeguard assets and detect errors.