Chapter 5: Process Documents from Suppliers Flashcards Preview

AAT (L2): FINAL Chapter Summary > Chapter 5: Process Documents from Suppliers > Flashcards

Flashcards in Chapter 5: Process Documents from Suppliers Deck (5)
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1

How may a business order goods / services on credit?

1. Manual system

2. Electronic system
(EDI, e-Commerce)

2

What manual paper-based documents will a business usually deal with, when ordering on credit?

1. Purchase Order
2. Delivery Note
3. Goods Received Note
4. Purchase Invoice.

3

It is important to that what is done to financial documents to ensure that goods and/or services provided are the correct ones charged at the right price?

A series of checks involving both calculations and references.

4

What should be done if a discrepancy is found?

1. It should be noted

2. Seller contacted so the Creditors account can be credited, and the Debtor's debited.

5

Why are invoices & credit notes coded?

So that they can be easily entered into the accounting system.