38203667
Description
Flashcards by QUINLAN WILSON, updated more than 1 year ago
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Created by QUINLAN WILSON
over 1 year ago
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| Question | Answer |
| Inventory | Products that we buy for which we track quantities |
| Non-inventory | Products that we buy but we don't need to track the quantity of the product |
| Service | Services that we buy from vendors |
| Bundle | A collection of products and services that we sell together as a bundle |
| 3-way match | principle of internal control used when ordering, receiving, and paying for inventory. 1. What was ordered? 2. What was received? 3. What was billed? |
| Internal control | a set of processes and procedures to safeguard assets and detect errors. |
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