Lecture Notes: Revenue, Expenditure, HR Cycles and Data Processing Vocabulary

Vocabulary flashcards covering key terms from the lecture notes on revenue, expenditure, HR cycles, and data processing concepts.

Revenue Cycle

The sequence of business activities that generate revenue, from taking a customer order to collecting payment, supported by documents such as sales orders and remittance notices.

Expenditure Cycle

The set of activities to obtain goods/services and pay for them, using source documents like purchase requisitions, purchase orders, and receiving reports.

Human Resources Cycle

The business processes related to employing, compensating, and maintaining personnel, using documents like W-4 forms and time records.

Source Document

The original paper or electronic record that captures a business event and serves as input to an information system.

Sales Order

The document authorizing a sale and detailing customer, items, quantities, and prices.

Delivery Ticket / Bill of Lading

A document confirming shipment and delivery of goods to a customer.

Remittance Advice

A notice accompanying a customer payment that lists invoices paid and updates accounts receivable.

Deposit Slip

A bank document listing cash and checks deposited into a bank account.

Credit Memo

A document issued to a customer that reduces the amount owed, often due to returns or allowances.

Purchase Requisition

An internal form requesting the purchase of items or services.

Purchase Order

A formal external document sent to a supplier to order goods or services.

Receiving Report

A document that records items received and their quantities from a supplier delivery.

Time Card

A record of hours worked by an employee, used to compute payroll.

Job Time Ticket

A record of time spent on a specific production job.

Time Sheet

A document documenting hours worked, often used for payroll and project costing.

W-4 Form

The employee withholding certificate used to determine tax withholding amounts.

Garbage In, Garbage Out

The concept that faulty input data produce faulty output; quality controls are needed to prevent this.

Turnaround Document

A document used to minimize data entry by feeding data back into the system after being circulated externally.

ERP System

Enterprise Resource Planning: an integrated software system that consolidates core business processes across an organization.

Data Processing Cycle

The sequence of data input, processing, output, and storage within an information system.

Turnaround Document (prevention context)

Documents used to reduce keystrokes and ensure accurate data entry when fed back into the system.

Master File

A persistent file that stores relatively permanent data about entities (e.g., customers, products) updated by transactions.

Transaction File

A temporary file that records data about a single transaction before it updates master files.

Batch Processing

Processing when groups of transactions are accumulated and processed together at a scheduled time.

Real-Time Processing

Processing data immediately as events occur, often updating master files instantly.

Preformatted Data Input Screens

Input forms designed with fixed fields to reduce data-entry errors and omissions.

Managerial Reports

Nonfinancial and financial reports produced to assist management in decision making.

Nonfinancial Information

Data such as market share, customer satisfaction, and quality measures used for management insight.

Production/Conversion Cycle

The manufacturing process that converts raw materials into finished goods, involving cost allocation and time-tracking for production.