Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Im not sure if my answers are correct, I really need your opinion, thank you in advance Generally, the Accounts Payable department cannot record the
Im not sure if my answers are correct, I really need your opinion, thank you in advance
Generally, the Accounts Payable department cannot record the purchase transaction if the supplier's invoice is yet to be received even though the inventory purchased has already arrived. * - TRUE _FALSE If actual cost system is being used, the inventory control function can immediately update the inventory records upon receipt of the receiving report. * TRUE _FALSE Upon receipt of the product ordered, the receiving clerk must immediately prepare the receiving report as evidence that the product has been received. * TRUE _FALSE Expenditure cycle starts with a preparation of a purchase request by any operating department concerned. * _TRUE _FALSE If standard cost system is being used, the inventory control function has to wait for the supplier's invoice first before updating the inventory records.* _TRUE _FALSE It is the job of the receiving department to check whether or not the inventory received matched the inventory purchased. * _TRUE _FALSE The receiving function must be notified about the description and quantity of the product being purchase so that they will know whether they received the correct product from the vendor. * _TRUE _FALSE Upon approval of the purchase order request, a blind copy of the purchase order must be sent to the AP set up function. * _TRUE _FALSE A copy of the receiving report must be sent by the receiving department to the inventory control function to trigger an update of inventory records. * _TRUE _FALSE The receiving department is the one responsible for validating the purchase transaction. TRUE _FALSE
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started