Time left 1:12:09Question 27Not yet answeredMarked out of 1.00Flag questionTipsQuestion textThe risk that incorrect or unnecessary goods are ordered in the acquisitions and payment cycle, can best be mitigated by the following control:a.Before an order is placed, a supervisor should check the requisition for accuracyb.Prior to the requisition made out, inventory/personnel should confirm that the goods are really needed where there preset reorder levels and reorder quantities are used as a basis for the issue of a requisition.c.The company should preferably have and approved supplier list to which the buyer should refer to when ordering.d.A copy of the order should be filed sequentially, and the file should be sequenced checked and frequently cross referenced to goods received notes, to confirm that the goods ordered have been received

The inventory control clerk examines the inventory records for items that must be replenished and prepares a two-part purchase requisition. Copy 1 of the requisition is sent to the purchasing department and Copy 2 is filed.Upon receipt of the requisition, the purchasing clerk selects a supplier from the valid vendor file (reference file) and prepares a three-part purchase order. Copy 1 is sent to  the  supplier,  Copy  2  is  sent  to  the  accounts  payable  department  where  it  is  filed temporarily, and Copy 3 is filed in the purchases department.A  few  days  after  the  supplier  ships  the  order,  the  goods  arrive  at  the  receiving department.  They are inspected, and the receiving clerk prepares a three-part receiving report describing the number and quality of the items received. Copy 1 of the  receiving  report  accompanies  the  goods  to  the  warehouse,  where  they  are secured and the receiving report is filed. Copy 2 is sent to inventory control, where the clerk posts it to the inventory records and files the document.  Copy 3 is sent to the accounts payable department, where it is filed with the purchase order.A day or two later, the accounts payable (AP) clerk receives the supplier’s invoice (bill) for the items shipped. The clerk pulls the purchase order and receiving report from  the  temporary  file  and  compares  the  quantity  ordered, quantity  received,  and the  price  charged.  After reconciling the three documents,  the  clerk  enters  the purchase in the purchases journal and posts the amount owed to the accounts payable subsidiary account.On the payment due date, the AP clerk posts to the AP subsidiary account to remove the liability and prepares a voucher authorizing payment to the vendor. The voucher is then  sent  to  the  cash  disbursements  clerk.  Upon receipt of  the  voucher,  the  cash disbursements clerk prepares a check and sends it to the supplier. The clerk records the check in the check register and files a copy of the check in the department filing cabinet.

Select the correct alternative to complete the sentence pertaining to the revenue and receipts cycle. An Internal Sales Order is authorised by signature by the credit controller before being sent to the warehouse. The objective of this control is to ensure that ______.a.the sale is made to a customer who can pay their accountb.goods are indeed in stock to be despatchedc.the recording of incorrect or incomplete order details is preventedd.the sales order is acted upon timeously

A clerk reorders 250 items when the inventory falls below 25 itemsis an example of general authorizationSelect one:TrueFalse

When _____________is uncertain, it's difficult to determine the right quantity of supplies and goods to order for the next sales cyclea.supply managementb.demandc.salesd.store dept

A firm can reduce the replenishment ________ time to stabilise demand uncertainty and improve the accuracy of information.Group of answer choicesleadbreakcyclesetup