3 Procurement department 14 This department is responsible for the purchase of from BUSINESS 3554 at Harvard University. Study Resources. Main Menu; ... 3 Procurement department 14 This department is responsible for the purchase of. ... School Harvard University; Course Title BUSINESS 3554; Uploaded By mutuafreddie. Pages 24 This preview shows ...
Answer (C) is correct . The inventory control department would be responsible for initiating a purchase. It has access to the inventory records and would therefore know when stocks were getting low. Answer (D) is incorrect . The production department manufactures goods and obtains materials from stores control. [292]
Accounting documents Department responsible for initiating purchase of materials: Inventory department which monitor inventory records and once the inventory falls below the predetermined level the inventory automatically triggers for purchase of raw material. Chapter 5, Problem 11P is solved. View this answer View a sample solution Step 2 of 5
Dec 18, 2020 · 1 Approved Answer. Inventory department which monitor inventory records and once the inventory falls below the predetermined level the inventory automatically triggers for purchase of raw material. Purchase requisition is the document generated by …
the purchasing department is responsible for initiating the purchase of materials.
orders are prepared, approved, and distributed: one copy each to the requesting, receiving, and accounts payable departments. Two copies of the purchase order are sent to the vendor, and one copy is filed numerically with the requisition form attached to it.
What is the difference between a purchase requisition and purchase order?FeaturePurchase RequisitionWhat is it?Request for a purchaseWho creates it?Any employeeWhen is it sent?When an employee sees a demand for goods or servicesWho receives it?Head of department and/or purchasing department1 more row•Sep 15, 2021
When the payables department receives an invoice from a supplier, it matches the following information: The information on the supplier invoice to a copy of the related purchase order that has been forwarded to it by the purchasing department.Feb 19, 2022
The elements of control include (1) establishing standards for the operation to be controlled, (2) measuring performance against the standards, (3) examining and analyzing deviations, (4) taking corrective action, and (5) reappraising the standards based on experience.
An internal auditor is assigned to perform an engagement to evaluate the organization's insurance program, including the appropriateness of the approach to minimizing risks. The organization self-insures against large casualty losses and health benefits provided for all its employees.
Answer (A) is correct. A control is any action taken by management to enhance the likelihood that established goals and objectives will be achieved. Controls include segregation of duties to reduce the risk that any person may be able to perpetrate and conceal errors or fraud in the normal course of his or her duties.
A restrictive endorsement ("for deposit only") will put transferees on notice to act accordingly (that is, deposit the check in the organization's account). Organizational independence is required in the processing of customers' orders in order to maintain an internal control structure.
A systems flowchart is a symbolic representation of the flow of documents and procedures through a series of steps in the accounting process of the client's organization. An auditor frequently uses flowcharts to determine whether there is . A. Authority to meet the performance criteria.
A flowchart is a pictorial diagram of the definition, analysis, or solution of a problem in which symbols are used to represent operations, data flow, equipment, etc. A systems flowchart provides an overall view of the inputs, processes, and outputs of a system, such as a set of interacting departments.