CHAP 7: PURCHASES SYSTEM Flashcards
1
Q
3 main stages of purchase systems
A
- Ordering
- Goods inward and recording of invoices
- Payment
2
Q
Key risk of ordering
A
Purchase may be made for personal use or not made on the most advantagous term
3
Q
Key control of order
A
Authorisation
4
Q
Document of ordering
A
1, purchase requisition
2,purchase order
5
Q
Key risk of good inwards and recording invoice
A
accepting goods not ordered or accepting invoice for poor quality goods
