AS Applied ICT - Key Terms and Definitions

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1. What is the Income Statement?

  • Lists the assets, debts and owners' investment at a particular date.
  • Lists the revenue, the expenditure and the net income during a particular period.
  • Summarise the organisations accounts.
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2. A sales system records?

  • Orders and contracts placed by customers.
  • Money paid and money owed.
  • The purchase orders sent to suppliers.

3. What are purchase orders used for?

  • To record money being paid in for goods and services.
  • To purchase goods or services for the organisation from the suplier.
  • To request payment for goods or services.

4. Which function is responsible for personnel systems?

  • Sales
  • HR
  • Accounts and Finance

5. What is a Purchase Ledger?

  • A record of the purchases made and money paid out in date order.
  • A request for payment from the organisation.
  • Money paid and money owed to suppliers.

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