Account code - A unique number usually assigned to each of the accounts listed on the chart of accounts for expenses., Accounts payable (AP) - The total of all invoices that are due and payable in an operation at any point in time., Audit trail - The steps in the payment process that are supported by verifiable documents or other tangible proof., Bonding - An arrangement with an insurer in which, for a fee, the insurance company guarantees payment to an operation for a financial loss caused by the actions of the specific covered employee., Chart of accounts - A list of categories used to organize an operation’s revenue and cost information., Coding - A system of assigning actual costs listed on invoices to predetermined cost areas., Credit memo - A written record of a proposed adjustment to a delivery invoice., Delivery invoice - A document used by vendors to indicate products, including quantities and prices, that are delivered to a restaurant or foodservice operation., Embezzlement - The act of stealing financial assets, including cash, from a business., Extension - An arithmetic calculation made on a delivery invoice; for example, the item quantity is multiplied by the purchase unit price for each product delivered to determine the total cost for each product., Invoice scam - A bill for goods and services the operation did not order or did not receive., Invoice - A formal, detailed, and written request for payment, commonly called a bill., Purchase order (PO) - A document authorizing a purchase., Random audit - An audit in which auditors randomly choose a variety of AP-related financial transactions for close examination., Statement of account - A list of multiple invoice amounts due to a vendor., Targeted audit - An audit that closely examines only a specific type of financial transaction., Voucher - A numbered form that has space to record the information about a payment, including the date of the payment, the check number, and the amount and recipient of the check.,

Accounting Chapter 6

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