BUAD 342 Exam 1 with Complete Solutions

BUAD 342 Exam 1 with Complete Solutions selling "things" event Order to cash process Order to cash process 1. market (market goods or services) 2. negotiate (negotiate terms of a sales order) 3. select and inspect 4. prepare (prepare goods/services for delivery) 5. deliver (deliver goods/services to customer) 6. receive payment 7. negotiate (negotiate terms/accept return) Buying "things" event procure to pay process Procure to Pay process 1. identify (identify a need) 2. negotiate (negotiate a purchase order) 3. receive and inspect 4. store/maintain 5. pay vendor 6. return (return of goods to vendor) How is data captured? Source Data Automation (SDA) Source Data Automation (SDA) collecting data at its point of origin in digital form example of source data automation (SDA) ·Magnetic Ink Character Recognition (MICR) (such as those on checks) ·Bar Code Reader/Scanner ·Optical Character Recognition (OCR) ·Magnetic Strip on credit cards ·Credit card chips ·RFID - radio frequency identification devices ·Touch screens ·Voice recognition & other biometrics devices EDI- Electronic Data Interchange (Electronic Data Interchange) when two business companies collaborate to work together a lot of data exchange takes place- bills, invoices, payment documents, shipping details (no humans involved) How is data stored? DBMS- database management system DBMS Database management system, a software suite designed to organize and search data. rows record column field/attribute primary keys These keys uniquely identify each