What purpose does a purchasing department serve?

Q: Define sales journal.

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Define inventory.

A: Inventory: Inventory consist of total of three components: raw material, work-in-process and…

Q: Define inventory costing system.

A: Inventory cost flow assumptions: These are the methods used by the companies to compute the cost…

Q: What is shelf registration?

A: Answer: Shelf registration is subject to Securities and Exchange Commission SEC Rule 415 of the…

Q: What are three goals of inventory management?

A: Inventory management: Inventory management refers to ordering, storing and using the company’s…

Q: What is the purpose of a responsibility center file?

A: Definition: Responsibility center file: The departments of the organization are generally referred…

Q: Explain purchase accounting

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

Q: Discuss the role of conversion cycle for service and retailing entities

A: Transaction Cycles: The similar transactions of an organization are grouped together to form a…

Q: What is a merchandiser?

A: Merchandiser is a business that purchases goods  and resells to customers…

Q: Sellers supply can be represented by-

A: Answer

Q: Define Sales revenue.

A:

Q: How do computerized purchasing systems help to reduce the risk of purchasing bottlenecks?

A: Financial Accounting:   It refers to the process of recording the financial transactions of the…

Q: What is the role of Finished-goods inventory?

A: Stock is the term used for the products that are ready for sale and raw materials used to create…

Q: Define sales allowance.

A: Sales allowances: When a customer agrees to buy defective goods or improperly made then seller gives…

Q: What is purchase returns?

A:

Q: Define the term pricing decisions.

A: Selling Price:   It refers to the price at which the product or service will be sold in the market…

Q: What is information overload?

A: Report: The formal document used for providing information to the managers is called report. The…

Q: What is the definition net cost of purchases?

A:

Q: what is the difference between internal and external users of information, their needs and demands…

A: Accounting Information System (AIS):   The system which helps to gather, store and process the…

Q: What is cost accounting?

A: What is cost accounting?

Q: Describe how changes in the demand, ordering cost,or holding cost affect the EOQ.

A: Conceptual base- Economic Order Quantity (EOQ) is the order quantity that minimizes total inventory…

Q: Distinguish between service and merchandising operations.

A: Merchandise inventory refers to business which deals in trading of goods such as purchase and sale…

Q: What is an upstream sale of inventory?

A: The upstream sale of inventory is an inter-company transaction between the parent company and the…

Q: What role does the general ledger department play in the conversion cycle?

A: Conversion Cycle: A set of all processes that are used to collect inputs and convert them into final…

Q: Define collection policy

A: Introduction: A mutual responsibility between the operating departments, accounts receivables is to…

Q: what is the cost of goods available for sale

A: The cost of goods available for sale is the sum of beginning inventory and the goods produced during…

Q: Define the term merchandiser.

A: Cost accounting system: Cost accounting system of an organization consists of procedures and…

Q: Explain Consumer Behaviour and  Costs.

A: Behaviour is the way in which one acts or conducts oneself, especially towards others.

Q: What are the functions of packaging?

A: The Packaging refers to every one of those exercises identified with planning, assessing and…

Q: What is the distinction between service and merchandisingcompanies?

A: Despite the fact that marketing organizations and administration organizations adjust to sound…

Q: How are a merchandiser's  inventories different from the inventories of a service-oriented firm .

A: Solution:- Merchandiser’s inventories different from the inventories of a service-oriented firm:-…

Q: Service marketing

A: Service marketing: Service marketing is defined as the application of a various combinations of…

Q: What are the components of total inventory costs?

A: Total Inventory Cost consist three main component.

Q: The flow of goods and services to consumers is illustrated by

A: Relationship of Goods and Service price with Consumer  Supply Chain of goods and Service from…