Accounting Information Systems Chapter 5 Definitions

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Actual cost inventory ledgers

Detailed records that track the inventory cost based on the actual expenses incurred, rather than estimates or averages.

AP (Accounts Payable) pending file

A collection of unpaid invoices or bills awaiting processing or further action in the accounts payable system.

AP subsidiary ledger

A detailed record of individual supplier accounts that provides a breakdown of the total accounts payable in the general ledger.

Blind copy

A version of a purchase order or other document that excludes certain details (e.g., quantities) to ensure unbiased verification during a process like receiving.

Cash disbursement vouchers

Documents that authorize and record payments made by an organization, often as part of the accounts payable system.

Cash disbursements journal

A chronological record of all cash payments made by a business, categorized by purpose (e.g., supplier payments, payroll).

Check register

A log of all issued checks, listing details such as the date, check number, payee, and amount.

Closed AP file

A collection of records for accounts payable transactions that have been fully processed and paid.

Closed purchase order (PO) file

A record of purchase orders that have been fulfilled, received, and paid.

Closed voucher file

Contains documentation for completed voucher transactions where payments have been made.

Inventory subsidiary file

Detailed records of individual inventory items, tracking quantities, costs, and movements.

Open AP file

A record of outstanding accounts payable transactions that have not yet been paid.

Open purchase order (PO) file

A collection of purchase orders that have been issued but are still awaiting fulfillment.

Open purchase requisition file

A list of purchase requests that are still in process or pending approval.

Open vouchers payable (AP) file

Contains unpaid vouchers related to accounts payable transactions awaiting payment.

Purchase order

A formal document issued by a buyer to a supplier, specifying the goods or services to be delivered, along with agreed terms.

Purchase requisition

An internal document used to request the purchase of goods or services, typically requiring approval before a purchase order is issued.

Receiving report

A document created upon the receipt of goods, listing quantities and conditions, to confirm that the shipment matches the purchase order.

Receiving report file

A collection of receiving reports maintained for record-keeping and verification purposes.

Standard cost system

A method of valuing inventory and tracking costs based on predetermined standards rather than actual expenses.

Supplier’s invoice

A bill provided by a supplier detailing the goods or services delivered and the amount due.

Valid vendor

A supplier that has been vetted and approved to do business with an organization

Valid vendor file

A database of vetted and approved vendors, often used to prevent fraud or unauthorized purchases.

Vendor’s invoice

Another term for a supplier’s invoice, specifying the charges for goods or services provided.

Voucher packet

A collection of documents (e.g., purchase order, receiving report, and supplier’s invoice) assembled to support payment processing.

Voucher register

A chronological record of all voucher transactions, used to track and reconcile payments.

Vouchers payable file

A record of unpaid vouchers that represent pending payments within the accounts payable system.

Vouchers payable system

A system designed to manage and track payments owed to suppliers and other creditors.