What has been the focus of the purchasing function in the new millennium (year 2000 onwards) and what is its impact on the firm?
What will be an ideal response?
Most firms now look to their procurement functions to provide a competitive advantage by driving cost savings for the firm and providing an uninterrupted supply of the needed products and services at the right quality by selecting and developing the right suppliers. The focus is on a more collaborative approach with key suppliers to develop an integrated supply chain.
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In an entity-relationship (E-R) diagram for the B/AR/CR process, you would expect that the word trigger would appear between the boxes for?
a. CUSTOMER and SHIPMENT b. CUSTOMER and SALES INVOICE c. STOCK PICK and SHIPMENTS d. SALES INVOICE and SHIPMENT
Which of the following would be a case where an event as a transaction is not supported by a source document?
a. a purchase of inventory on credit b. a cash sale c. a credit sale d. None of these choices
In balancing the risks and benefits that are part of every ethical decision, managers receive guidance from each of the following except
a. justice b. self interest c. risk minimization d. proportionality
Depreciation on factory equipment is a value-adding cost
Indicate whether the statement is true or false