Material Handling and control: Chocolate Ltd. is Oman based manufacturing Company. Company needs to have strict control over inventory. Mr. Khalid has been working as a storekeeper. When inventory falls to a minimum level, he will send the requirement to purchase department. It is the responsibility of the purchase department to choose a supplier who provides the reliable service and high-quality product at a competitive price. When the material arrive from the supplier storekeeper checks it against the quantity ordered and note down any discrepancy. After the material is received the supplier demands for the money and accounts department pays to the supplier after getting the verification of different documents. Following transactions or events took place in the month of October in Chocolate Company: a) Evidence that the purchase department of the Company had authority to order new supplies of cocoa beans from the supplier. b) Evidence that the supplier had an authority to send cocoa beans to chocolate Itd. c) Evidence that the cocoa beans arrived at the stores of Chocolate Ltd. in a good condition, and in the quantities expected. d) Evidence that the amount payable to the supplier is correct in quantities and prices. e) Evidence that Mr. Khalid has the authority to release cocoa beans to the production unit for conversion to chocolate.
Material Handling and control: Chocolate Ltd. is Oman based manufacturing Company. Company needs to have strict control over inventory. Mr. Khalid has been working as a storekeeper. When inventory falls to a minimum level, he will send the requirement to purchase department. It is the responsibility of the purchase department to choose a supplier who provides the reliable service and high-quality product at a competitive price. When the material arrive from the supplier storekeeper checks it against the quantity ordered and note down any discrepancy. After the material is received the supplier demands for the money and accounts department pays to the supplier after getting the verification of different documents. Following transactions or events took place in the month of October in Chocolate Company: a) Evidence that the purchase department of the Company had authority to order new supplies of cocoa beans from the supplier. b) Evidence that the supplier had an authority to send cocoa beans to chocolate Itd. c) Evidence that the cocoa beans arrived at the stores of Chocolate Ltd. in a good condition, and in the quantities expected. d) Evidence that the amount payable to the supplier is correct in quantities and prices. e) Evidence that Mr. Khalid has the authority to release cocoa beans to the production unit for conversion to chocolate.
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
Chapter25: Segment Income Statement (dept)
Section: Chapter Questions
Problem 6R
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Transcribed Image Text:Material Handling and control:
Chocolate Ltd. is Oman based manufacturing Company. Company needs to have strict
control over inventory. Mr. Khalid has been working as a storekeeper. When inventory
falls to a minimum level, he will send the requirement to purchase department. It is the
responsibility of the purchase department to choose a supplier who provides the
reliable service and high-quality product at a competitive price. When the material
arrive from the supplier storekeeper checks it against the quantity ordered and note
down any discrepancy. After the material is received the supplier demands for the
money and accounts department pays to the supplier after getting the verification of
different documents.
Following transactions or events took place in the month of October in Chocolate
Company:
a) Evidence that the purchase department of the Company had authority to
order new supplies of cocoa beans from the supplier.
b) Evidence that the supplier had an authority to send cocoa beans to chocolate Itd.
c) Evidence that the cocoa beans arrived at the stores of Chocolate Ltd. in a good
condition, and in the quantities expected.
d) Evidence that the amount payable to the supplier is correct in quantities and
prices.
e) Evidence that Mr. Khalid has the authority to release cocoa beans to the
production unit for conversion to chocolate.
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