Differentiate between a purchase requisition and a purchase order


A purchase requisition is completed by the inventory control department when a need for inventory items is detected. Purchase requisitions for office supplies and other materials may also be completed by staff departments such as marketing, finance, accounting, and personnel. The purchasing department receives the purchase requisitions, and if necessary, determines the appropriate vendor. If various departments have requisitioned the same items, the purchasing department may consolidate all requests into one order so that any quantity discounts and lower freight charges may be taken. In any case, the purchasing department prepares the purchase order, which is sent to the vendor, accounts payable department, and the receiving department (blind copy).

Business

You might also like to view...

After film manufacturer Kodak failed to reinvent itself and declared bankruptcy in 2012, it decided to focus on its business of making inkjet printers as part of a ______ strategy.   

A. growth B. stability C. defensive D. reorganization E. reactor

Business

A firm's resistance to changes in the status quo is referred to as

A. organizational parity. B. organizational liquidity. C. organizational efficacy. D. organizational inertia.

Business

What are the two topics that attestation standards provide guidance on?

a. They provide a plan for the engagement and criteria about who can participate in the engagement. b. They provide guidance about gathering evidence regarding specific assertions and communicate an opinion on the fairness of the presentation to a third party. c. They provide sufficient assurance on subject matter and appropriate assurance about reporting. d. They provide guidance on reviewing evidence and compiling evidence.

Business

Has the group of students been sitting in the library all day?

A) students; been sitting B) group; been sitting C) students; sitting D) group; has been sitting

Business