Question

Please help me answer these question, thank you !

1. Goods receipt can be only for materials received as stock items.

a. True

b. False

2. A reservation is a request to deliver a material for a production order, sales order, etc.

a.True

b. False

3. GR/IR stands for...

	a.	Goods Resale/Inventory Resale
	b.	Goods Receipt/Invoice Receipt
	c.	Goods Restock/Inventory Resale
	d.	General Rebate/Involuntary Rebate

4. The following are all basic Procurement processes except...

	a.	Vendor Selection
	b.	Purchase Requisition Determination
	c.	Customer Invoicing
	d.	Invoice Verification
	e.	Purchase Order Processing

5. Purchase requisitions can only be created manually.

a. True

b. False

6. When an invoice payment is made, accounting information is updated.

a. True

b. False

7. In a competitive bidding process, a comparison of the material or service prices are compared.

a. True

b. False

8. Release orders cannot be generated off an MRP run.

a. True

b. False

9. A vendor contact will typically specify a negotiated price or quantity of a material or service

a. True

b. False

10. All posted transactions must have a unique number assigned

a. True

b. False

Answer 1

1. (b) False A goods receipt is the physical inbound movement of goods or materials into the warehouse. It is a goods movement that is used to post goods received from external vendors or from in-plant production. All goods receipts result in an increase of stock in the warehouse, but it is not only for material received as stock item.

2 (a) True Reservation is the process of holding inventory for a customer who shows the intent to buy it later. This ensures availability of the desired items for the customer during order capture. An order can be reserved against an existing inventory reservation or an attempt can be made to make new reservations for the order,Thus, a reservation is a request to deliver a material for a production order, sales order, etc.

3(b) Goods Receipt/Invoice Receipt

GR/IR (goods-receipt/invoice-receipt) clearing account is a bookkeeping device that can be used when goods arrive before the invoice is generated, or when an invoice arrives before the goods are delivered.

4(c) Customer Invoicing does not form part of basic Procurement processes.

5.(b) False Purchase requisition (PR) is an internal request to purchasing. You ask the buyer to provide a certain quantity of a material or service on a certain date. A purchase requisition can be created automatically Material Requirement Planning (MRP )or manually created.

6(a) True

7(a) True A competitive bid is most commonly associated with a proposal and price submitted by a vendor or service provider to a soliciting firm for a business opportunity involving products or services..

8(b) False

9(b) False

10 (a) True