Explain what a purchase order is used for and the general components of a purchase order system.
What will be an ideal response?
The purchase order is a control document used to define items to be ordered, the payment terms, and the quoted price; how it may be shipped or delivered; the delivery time; and the cost account for the purchase. The purchase order system generally has the following components:
1. Actual purchase order number
2. Link to the cost control system to allow committed costs to be entered
3. Indication of who made the purchase and for which project
4. Coordination of delivery slips, purchase orders, and invoices
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Answer the following statement true (T) or false (F)
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