14. ACB Corporation’s purchasing department sent a copy of a purchase order to the receiving department. Which of the following statements is most true?
a. The receiving department should not have a copy of the
purchase order
b. The purchase order sent to receiving should be blinded as to the
quantity ordered
c. The purchase order sent to receiving should be identical to the
purchase order sent to the vendor
d. The copy sent to receiving should not be sequentially
numbered
The following statements is most true:-
b. The purchase order sent to receiving should be blinded as to
the quantity ordered
The reason that a blind copy of the purchase order is sent to receiving is to force a count of the items delivered
14. ACB Corporation’s purchasing department sent a copy of a purchase order to the receiving department....
create a flowchart for the following
Purchasing Narrative After the Purchasing Clerk receives the purchase requisition, Clerk will determine where to buy the product. If the item has been ordered previously, then the Clerk will select a vendor from the approved vendor list. If it has not been ordered previously, the Clerk will use a competitive bidding process to determine the vendor. Once the vendor is selected, a purchase order is prepared and sent to the vendor. Other copies are...
1- The receiving department should be instructed not to accept goods without having on file a properly authorized: A) invoice. B) purchase order. C) receiving report. D) purchase requisition 2- The quantity ordered may not be displayed on the copy of the purchase order sent directly to the: A) requesting department. B) vouchers payable department. C) receiving department. D) accounts receivable department. 3- Which of these is not a risk factor for payroll? A) payments to fictitious employees. B) payment...
Create a flowchart for the following
Sales Support Department Narrative The Sales Support Clerk prepares the purchase requisition and sends one copy to Purchasing and files the other copy numerically. To confirm the order, Purchasing will send a copy of the purchase order at some point. This copy is filed alphabetically by vendor. After goods are received, the Sales Support Clerk verifies the merchandise and signs the two copies of the receiving report. One copy of the receiving report is...
เล. SYSTEM DOCIENTATON--EXPENDITURE CYCLE (MANUAL PROCEDURES) The folowing describes the expenditure cycle manual procedures for a hypothetical company. The inventory control clerk examines the inventory records for items that must be replenished and prepares a two- part purchase requisition Copy 1 of the requisition is sent to the purchasing department, and Copy 2 is fied. Upon receipt of the requisition, the purchasing clerk selects a supplier from the valid vendor file (reference fie) and prepares a three part purchase order...
Upscale Inc. is a medium-sized distributor of designer clothing lines. The company headquarters in New York City manages the purchases to cash disbursements (Expenditure cycle) process. You have conducted several interviews with department supervisors who oversee the expenditure cycle processes. The following is a summary of your discussions. Use this narrative to prepare a flowchart to depict the expenditure cycle for Upscale Inc. The process begins in the purchasing department where a purchase requisition is received from a department when...
INTERNAL CONTROL ANALYSIS A company that produces component parts for automobile manufacturers has grown rapidly since its incorporation several years ago. Management is concerned about internal controls over the purchasing cycle because the cost of goods sold percentage has continued to rise even though it seems that many of the raw materials and supplies used in production are costing less. The following description of the purchasing process is available: Pre-numbered purchase requisitions are used to order ...
Case Study 2 Last year the AMS Manufacturing Company purchased over 10 million worth of office equipment under its special ordering system, with individual orders ranging from 55.000 to $30.000 Special orders are for low-volume items that have been included in a department manager's budget. The budget, which limits the types and dollars of office equipment a department head can requisition, is approved at the beginning of the year by the board of directors. The special ordering system functions as...
INTERNAL CONTROL ANALYSIS A company that produces component parts for automobile manufacturers has grown rapidly since its incorporation several years ago. Management is concerned about internal controls over the purchasing cycle because the cost of goods sold percentage has continued to rise even though it seems that many of the raw materials and supplies used in production are costing less. The following description of te purchasing process is available. (1).Pre-numbered purchase requisitions are used to order most goods, except...
Sultona check the flow Mid-term Analysis #3: Last year, Gold Rock LLC. purchased over $10 million worth of office equipment under its "special ordering system, with individual orders ranging from $5,000 to $30,000. Special orders are for low- volume items that have been included in a department manager's budget. The budget, which limits the types and dollar amounts of office equipment a department head can requisition, is approved at the beginning of the year by the board of directors. The...
Mount Pleasant Community College (MPCC) is a medium-sized academic institution that employs about 200 full-time faculty and 250 staff personnel. There are 11,439 students enrolled at the college for the 2014–2015 school year. The Purchase Process. The college’s budget for purchases of equipment and supplies is about $18,000,000 annually. Allen Lee is in charge of the Purchasing Department. He reports directly to the Vice President of Finance for the university. Allen supervises four purchasing clerks and three receiving personnel. The...