It is a document that contains no quantity or price
EXPENDITURE CYCLE information about the product being received. Part I. Purchases and Cash Disbursement Procedures a. Blind copy Purchase Order b. Receiving Report Part 1 c. Purchase Order ENUMERATION d. Purchase Requisition 1. What are the two lag splits of Expenditure Cycle? 2. What are the Purchases Processing Procedures? 7. The Voucher Packet is filed in the: 3. What are the Cash Disbursement Procedures? a. Closed Voucher File b. Cash Disbursement Journal c. Voucher Register Part 2 d. Receiving Report File MULTIPLE CHOICES ANSWER KEYS: 1. Which of the following is not true about Manufacturing Firm? ENUMERATION a. Purchases raw materials for production 1. Physical phase (acquisition of the resource) b. Purchasing decisions authorize with the Financial phase (disbursement of cash) inventory control function c. Purchasing decision authorizes with the 2. Monitor Inventory Records production planning and control function Prepare Purchase Order d. Uses components, parts of raw materials to Receive Goods make finished goods Update Inventory Records Set up Accounts Payable 2. What is true about Merchandising Firm? a. Purchases finished goods for re-sale 3. Identify Liabilities due b. Purchases raw materials for production Prepare Cash Disbursement c. Purchasing decisions authorized with the Update AP Records production planning control function Post to General Ledger d. Creates products
3. It is a document prepared and sent to the purchase
order function to initiate the purchase process a. Purchase Order b. Blind Copy Purchase Order c. Purchase Requisition d. Voucher Packet
4. A System that processes the payment of obligations
created in the purchases system. a. Cashiering System b. Billing System c. Purchase Order System d. Cash Disbursement System
5. It is a procedure that includes the tasks involved in
identifying inventory needs, placing the order, receiving the inventory, and recognizing the liability. a. Monitor Inventory Records b. Purchase Processing Procedure c. Cash Disbursement Procedure d. Update Inventory Record
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