Why is a “blind” purchase order used as a receiving report document?

Q: A. What document is used to create the Purchase Order in the Expenditure Cycle and wheredoes it come…

A: Answer a: The purchase requisition document is used to create the Purchase Order. It comes from the…

Q: Weaknesses to a purchase order system

A: Purchase order system is a system begins with creation, processing, follow up and closure of…

Q: How do you find the ending inventory?

A: Many companies earn revenue by selling inventory rather than a service. These companies are…

Q: How are journal vouchers used as a control mechanism?

A: Journal Voucher: Journal voucher are used in providing the inputs for the general ledger. The…

Q: How to journaalize entries from accounting for purchase with frieght transaction?

A: A journal entry is the first step to recording any transaction of monetary nature. Journalizing is…

Q: A form used to request the responsible person or department to purchase merchandise or other…

A: Person responsible to make purchase would require the details to the purchases required to be made.

Q: what is FIFO inventory method?

A: FIFO inventory method is one of the methods of calculation of value of ending Inventory and cost of…

Q: What is the accounting treatment for supplies inventories if the purchases method is used to record…

A: Supplies generally form a part of current assets of the entity and represent the amount of supplies…

Q: What document intiates the sales process

A: Answer: Sales order procedures involves accepting a customer order and processing it, filling the…

Q: Explain purchase accounting

A: Purchase accounting means any premium paid by bidder in excess of the value of books of aims assets…

Q: The receiving department compares the quantity received with the quantity prin on the receiving…

A: PO termed as Purchase order refers to the document which legally binds and it is created through…

Q: whats the inventory tracking for this?

A: Goods which are held for the resale by the business and the business deals with such type of…

Q: What document initiates the sales process?

A:

Q: Describe the types of errors in inventory.

A:

Q: Give an example of consumer credit and explain the process how it is processed from application to…

A: The customer is allowed to ask for credit in case of no availability of funds. The suppliers provide…

Q: Before inventory purchases are recorded, the receiving report should be reconciled to what…

A: Inventory refers to the raw materials, work-in process, and the finished goods products that are…

Q: error was due to purchases

A: The total difference in net income = Corrected net income - Reported net income Corrected net…

Q: Differentiate between a purchase requisition and a purchase order.

A: Difference between purchase requisition and purchase order The difference between the purchase…

Q: Who is responsible for releasing an order? Describe what happens to the inventory records andto PAC…

A: The person responsible for releasing an order is the material planner.

Q: What are the columns that are typically used in the purchases journal?

A: A Purchase Journal records all purchases made on credit during a period. In other words, this is the…

Q: t happens after the shipping department verifies that the quantities and descriptions of goods…

A: The sale order may be defined as the order which is generated by the seller of the goods to the…

Q: Explain an example how to record sales revenue.

A: Sales revenue is the revenue from the sales generated by the company. The sales may be either cash…

Q: In a manual accounting system, what advantage does the journal voucher system have over the…

A: Journal  Voucher Journal voucher is a special source of document which has been replaced for general…

Q: Design a purchase requisition, purchase order and purchase specification

A: Here provide the details of the Purchase requisition, purchase order and purchase specification…

Q: What is the other name of purchases returns

A: Whenever inventory is being purchased in business for sale or for use in production and…

Q: A REQUIRED: IDENTIFY THE ASSERTION[S] RELATED TO EACH AUDIT PROCEDURE ASSERTION[S] E=existence…

A: Auditing:- An audit is the referred as the physical examination of books of accounts. This can be…

Q: Explain the relationship between tests of the acquisitionand payment cycle and tests of inventory.…

A: The acquisition, as well as payment cycle, has the relationship with the inventory accounts in the…

Q: How does an inventory error effect the financial statements?

A: Inventory error:   Inventory errors are sometimes caused by making mistake in physical count, in…

Q: What is the purpose of the blind copy of a purchase order?

A: Definition: Blind copy: The copy of purchase order (PO) which contains no information about the…

Q: Explain the appropriate accounting treatment required when an inventory error is discovered.

A: Assets: These are the resources owned and controlled by business and used to produce benefits for…

Q: What is the difference between a pull system and a push system of inventory control?

A: In the pull system of inventory control, releases are authorized. And, companies using this strategy…

Q: describe the purposes, similarities, and differences among purchase requisitions, purchaseorders,…

A: Purchase requisition is a document which is used by the employee on the behalf of the company for…

Q: What purpose does a purchasing department serve?

A: Purchasing Department: The purchasing department accommodates the organization for the inventory…

Q: How does analyzing inventory errors is helpful?

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: what document initiates the sale process

A: In the above questions we have asked about the document which initiates sale process.

Q: what document initiates the sale

A: Sales Process:   Sales process is defined as a repeatable process that starts from accepting the…

Q: Which of the following is NOT an inventory management technique?

A: Every business unit follows an inventory management process to manage its stock of goods efficiently…

Q: A purchase order establishes an initial record of the receipt of the inventory. O True O False

A: A purchase order or PO refers to a commercial document officially issued by the buyer to a seller…

Q: Explain the following statement: “Inventory errors correct themselves.”

A: Solution: Introduction: Inventory means goods are available for sale and raw materials used in the…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.