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2nd Semester > FABM 2 > Flashcards

FABM 2 Flashcards

1
Q

are used to document
business transactions

A

Business forms

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2
Q

The contents of the form give the
reader an understanding of the various
aspects of the transactions such as

A

(1) quality and quantity
of merchandise requested, ordered,
or delivered;
(2) price agreed upon for the
merchandise;
(3) The person who prepared the form
and;
(4) officers who authorized the
transaction.

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3
Q

These are used only within the company

A

INTERNAL BUSINESS FORMS

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4
Q

These forms may be used on the side of the seller only or the buyer only

A

INTERNAL BUSINESS FORMS

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5
Q

document the accountability of the personnel on the transactions
that occur

A

INTERNAL BUSINESS FORMS

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6
Q

 The forms intend to answer the following questions:
1. What are the particulars requested on the form?
2. Who initiated the transaction?
3. Who determined the correctness of the information on the form?
4. Who gave the final authorization to implement the transaction?

A

INTERNAL BUSINESS FORMS

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7
Q

is an internal report prepared by the buyer’s personnel in charge of receiving
deliveries.

A

Receiving report

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8
Q

It is used to document the quality and quantity of items received by the personnel from the suppliers

A

Receiving report

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9
Q

Most companies process
payments through a _________________

A

voucher
system.

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10
Q

Payments are made by
__________. A _____________ (CV)
is prepared for each check.

A

check, check voucher

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11
Q

It documents the process for
the preparation, verification,
and authorization of check
payments.

A

check voucher

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12
Q

The_____________
includes the CV and the
supporting documents such
as the ___________

A

check voucher package, supplier’s bill invoice, or
statement of account

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13
Q

are also pre

-numbered

and should be used
sequentially

A

check voucher package

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14
Q

are used by both the buyer and the seller or inside and outside the
company

A

EXTERNAL BUSINESS FORMS

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15
Q

 Are filled out by both parties

A

EXTERNAL BUSINESS FORMS

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16
Q

These forms evidenced the occurrence of a stage of the transaction.

A

EXTERNAL BUSINESS FORMS

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17
Q

Below are some of the business forms for discussions:
1. Purchase order
2. Delivery Receipt
3. Sales Invoice
4. Provisional Receipt
5. Official Receipt
6. Bills and Statement of Account

A

EXTERNAL BUSINESS FORMS

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18
Q

is a form used by the buyer to communicate his
exact orders to the seller.

A

Purchase Order

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19
Q

The quality specifications and quantity ordered is
indicated on the form.

A

Purchase Order

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20
Q

issued by the buyer is approved by the
appropriate office.

A

A valid PO issued

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21
Q

The buyer is required to accept the delivery of the
ordered merchandise as long as it meets the
specifications on the __________

A

PO

22
Q

The_____________ signifies his
commitment to making delivery within the specified
period

A

Seller’s acceptance of the PO

23
Q

is evidence of delivery,
issued by the seller

A

Delivery Receipt

24
Q

The form indicates information on the quality
and quantity of items delivered.

A

Delivery Receipt

25
Q

The DR is signed by the ________ to indicate that
the quantity of the items listed had been
received.

A

buyer

26
Q

One copy signed by the buyer is taken back to
the ________

A

seller’s accounting department.

27
Q

One copy is given to the ____.

A

buyer

28
Q

is a communication from the seller to the buyer.

A

Sales Invoice

29
Q

It documents the amount of payment that the
seller is claiming

A

Sales Invoice

30
Q

approved sales
invoice format includes a breakdown of VAT
computation.

A

The Bureau of Internal Revenue (BIR)

31
Q

is computed based on the VAT-inclusive
selling price, referred to as gross price, divided by
1.12.

A

Net sales

32
Q

are evidence of payment. Therefore, a buyer who
claims that an account has been settled must be able
to show an official receipt.

A

Official Receipt

33
Q

The BIR has an approved format of the _________

A

Official Receipt

34
Q

does not constitute the final
settlement of accounts until the buyer’s bank
honors the check

A

check payment

35
Q

Some sellers choose to initially issue a __________________ pending clearance of the check issued as
payment.

A

provisional
receipt (PR)

36
Q

The seller will issue the ___________ when the check has been
cleared by the bank.

A

OR

37
Q

is prepared by the seller and
submitted to the buyer

A

Billing Statement

38
Q

lists down the seller’s transactions
with the buyer over a specific period, normally one
month.

A

Billing Statement

39
Q

The seller is basically telling the buyer:

A

a) their sales transactions are identified by sales
invoices and
b) payments they received are identified by the
official receipts.

40
Q

Also, a _______________ is a reminder to the
buyer of the amount he owes to the seller.

A

Statement of Account or Billing Statement

41
Q

The BIR also has an approved format for the
____________

A

Statement of Account or Billing Statement

42
Q

FLOW OF BUSINESS FORMS: PURCHASE REQUEST TO THE DELIVERY RECEIPT (Buyer 1)

A

QUOTATIONS, PR, PO, A-PO, A-PO

43
Q

FLOW OF BUSINESS FORMS: PURCHASE REQUEST TO THE DELIVERY RECEIPT (Seller 1)

A

A-PO, DR, DR, Merchandise, DR

44
Q

FLOW OF BUSINESS FORMS: PURCHASE REQUEST TO THE DELIVERY RECEIPT (Buyer 2)

A

Merchandise, DR, DR, DR

45
Q

FLOW OF BUSINESS FORMS: DELIVERY RECEIPT TO SALES INVOICE (Buyer 1)

A

Receiving Report (RR)

46
Q

FLOW OF BUSINESS FORMS: DELIVERY RECEIPT TO SALES INVOICE

BUYER – ACCOUNTING DEPARTMENT

A

A-PO, RR, PR, SALES INVOICE

47
Q

FLOW OF BUSINESS FORMS: DELIVERY RECEIPT TO SALES INVOICE

SELLER

A

DR, SALES INVOICE

48
Q

FLOW OF BUSINESS FORMS: SALES INVOICE TO OFFICIAL RECEIPT

BUYER – ACCOUNTING DEPARTMENT #2

A

CHECK, PROVISIONAL RECEIPT, OFFICIAL RECEIPT

49
Q

FLOW OF BUSINESS FORMS: SALES INVOICE TO OFFICIAL RECEIPT

SELLER #2

A

CHECK, PROVISIONAL RECEIPT, Bank Statement, Official Receipt

50
Q

FLOW OF BUSINESS FORMS: SALES INVOICE TO OFFICIAL BANK

A

CHECK, Bank Statement

2nd Semester (48 decks)

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