Lecture Notes on Expenditure Cycle

These flashcards cover key vocabulary and concepts related to the Expenditure Cycle in accounting as discussed in the lecture.

Expenditure Cycle

The process by which an organization purchases and pays for goods and services.

A/R Aging Report

A report categorizing accounts receivable based on the length of time an invoice has been due.

Transaction Type

The classification of transactions such as Sales or Cash Receipts.

Vlookup

An Excel function to search for a value in the first column of a range and return a value in the same row from a specified column.

Pivot Table

A data processing tool in Excel used to summarize and analyze data.

Three-Way Match

A method used to verify that an invoice matches the purchase order and receiving report to ensure payment legitimacy.

Approved Vendor List

A list of suppliers that have been evaluated and authorized for use in procurement.

Just-In-Time (JIT)

An inventory strategy that aims to increase efficiency and decrease waste by receiving goods only as they are needed.

Control Procedure

Methods implemented in an organization to mitigate risk and ensure compliance with policies.

Electronic Funds Transfer (EFT)

A digital transfer of money from one bank account to another without the need for physical checks.