BP chapter 5 – Flashcards
27 test answers
Unlock all answers in this set
Unlock answers 27question
when goods are received, the receiving clerk send copies of the receiving report to the ___ clerk and the ___ clerk
answer
inventory control, AP
Unlock the answer
question
purpose of the ___ is to authorize the purchasing department to order goods
answer
purchase requisition
Unlock the answer
question
purpose of the ___ is to record the receipt of goods from vendors
answer
receiving report
Unlock the answer
question
purchasing, receiving, and AP departments all have a copy of the
answer
PO
Unlock the answer
question
purpose of the ___ is to order goods from vendors
answer
PO
Unlock the answer
question
the ___ indicates item description, quantity, and price
answer
PO
Unlock the answer
question
the ___ is used to accompany physical inventories to the storeroom or warehouse
answer
receiving report
Unlock the answer
question
when a copy of the receiving report arrives in the ___, it is used to recognized that a PO has closed
answer
purchasing department
Unlock the answer
question
financial value of a purchase is determined by reviewing the supplier's
answer
invoice
Unlock the answer
question
in a merchandising firm, authorization for the PAYMENT of inventory is the responsibility of
answer
AP
Unlock the answer
question
in a merchandising firm, authorization for the PURCHASE of inventory is the responsibility of
answer
inventory control
Unlock the answer
question
usually triggers the recording of a liability
answer
invoice
Unlock the answer
question
GL posts the ___ from the AP department
answer
journal voucher
Unlock the answer
question
GL posts the ___ from the inventory control
answer
account summary
Unlock the answer
question
GL reconciles the ___ with the inventory subsidiary summary
answer
inventory control
Unlock the answer
question
the documents in a ___ packet include a PO, RR, and invoice
answer
voucher
Unlock the answer
question
the ___ clerk prepares checks, marks supporting docs paid, and reviews supporting docs for completeness
answer
CD
Unlock the answer
question
___ shows that the transaction was authorized
answer
purchase requisition
Unlock the answer
question
this document will close the open purchase requisition file
answer
receiving report
Unlock the answer
question
if a co uses a standard cost system, inventory records can be updated from the ___
answer
receiving report
Unlock the answer
question
if a co uses an actual cost system, the inventory records can be updated from the ___
answer
invoice
Unlock the answer
question
copies of the ___ are sent to the inventory control, receiving, and AP
answer
PO
Unlock the answer
question
the cash disbursement function is a ___ function
answer
treasury
Unlock the answer
