Accounts Payable

Réussis tes devoirs et examens dès maintenant avec Quizwiz!

FOB shipping point

title passes to buyer when the goods are loaded at the seller's location

FOB destination

title passes to buyer when the goods arrive at the buyer's location

three-way match

the comparison and reconciling of a company's purchase order, the company's receiving ticket and the vendor's invoice to be certain that what was ordered is what was received and what is being billed.

vendor invoice

the invoice prepared by the supplier (and received by the buyer) for goods or services. The vendor invoice lists the items and the cost of each, the total amount due and the terms.

2/10, n/30

2% of the invoice amount (less any returns) can be deducted if the amount is remitted within 10 days of the invoice date.

purchase discount

a discount allowed by some companies if the customer remits the amount due within a stated period of time.

trade discount

a discount from catalog prices usually as a percentage that varies with volume.

purchase order

a document (multi-copy form, computer record) stating the quantity of goods purchased, price and other conditions.

receiving ticket

a document from a company's receiving department stating that goods have been received at the company.

EOM

end of month

net 30

invoice amount (less any returns) is payable within 30 days of the invoice date.


Ensembles d'études connexes

Verbs ending in -gar, -car and -zar in the preterite yo form.

View Set

Changing Singular Nouns to PLural Nouns

View Set

Medical-Surgical Nursing: Diabetes Insipidus

View Set