37901974
Description
Flashcards by Theresa Horstmann, updated 6 months ago
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Created by Theresa Horstmann
over 1 year ago
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| Question | Answer |
| Inventory | Products that we buy that we track quantities. |
| Non-Inventory | Products that we buy that we do not track the quantity of. |
| Service | Services that we buy from vendors such as legal services. |
| Bundle | Collection of products and services that we sell together as a bundle. |
| Purchase Order | Record of an order to purchase products from a vendor. Lists the details of the purchase such as date, vendor, specific items ordered, and quantity of each item ordered. |
| Invoice | Used to record sales when the customer will pay later. |
| Internal Control over Inventory | Set of processes and procedures to safeguard assets and detect errors. |
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