Who, among the following personnel, cannot be assigned under the purchasing department of an entity a. ryan whose responsibility is to look for suitable vendor of goods. and services used by the entity b. gia who reviews the catalog description of the suppliers and prices for standardized items c. bryan who prepares the purchase order and obtains the necessary approval d. selena who manages the operations of the factory and responsible for authorizing the acquisition of raw materials
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Who, among the following personnel, cannot be assigned under the purchasing department of an entity
a. ryan whose responsibility is to look for suitable vendor of goods. and services used by the entity
b. gia who reviews the catalog description of the suppliers and prices for standardized items
c. bryan who prepares the purchase order and obtains the necessary approval
d. selena who manages the operations of the factory and responsible for authorizing the acquisition of raw materials
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- You have determined that the purchases system operates as follows: • When materials are required for production, the production manager sends a handwritten note to the buying manager. For orders of other items, the department manager or managing director sends a handwritten note to the buying manager. The buying manager finds a suitable supplier and raises a purchase order. The purchase orders are signed by the managing director. Purchase orders are not issued for all goods and services received by the company.• Materials for production are received by the Goods Received Department, who issue a goods received note (GRN), and sends a copy to the accounts clerk. There is no system for recording receipt of other goods and services.• The accounts clerk receives the purchase invoice and matches it with goods received notes and purchase order (if available). The managing director authorises the invoice for posting to the purchase ledger.• The accounts clerk analyses the invoice into relevant…Answer the following questions. a. Which department is responsible for initiating the purchase of materials? b. What is the name of the document generated by the department identified in (a) above? c. Typically, multiple copies of a purchase order are prepared. One copy should go to the vendor, and one is retained in the purchasing department. To achieve proper control, which other departments should receive copies of the purchase order? d. What documents does the accounts payable clerk review before setting up a liability? e. Which document transfers responsibility for goods sold to a common carrier?GENERAL MANUFACTURING INC.—INTERNAL CONTROLS ASSESSMENT (MANUAL SYSTEM WITH STAND ALONE PC SUPPORT) The production process at General Manufacturing, Inc., involves the planning, scheduling, and controlling of the physical products through the manufacturing process. General’s manufacturing process begins in the production planning and control department, where the clerk determines the materials and operations requirements based on the marketing department sales forecast and the inventory status report from the storeroom. The clerk reviews this information and prepares a hardcopy purchase requisition, which she sends to the purchasing department. From her department PC the clerk then accesses the bill of materials and route sheets files and prints the following hard copy documents: work orders, move tickets, and materials requisitions. Three copies of each document are prepared. One copy of the work order, move ticket, and materials requisitions document are sent to cost accounting. The…
- An incomplete subsidiary ledger of materials inventory for May is as follows: a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank. FeedbackGENERAL MANUFACTURING INC-INTERNAL CONTROLS ASSESSMENT (MANUAL SYSTEM WITH STAND ALONE PC SUPPORT) The production process at General Manufacturing, Inc., involves the planning, scheduling, and controlling of the physical products through the manufacturing process. General's manufacturing process begins in the production planning and control department, where the clerk determines the materials and operations requirements based on the marketing department sales forecast and the inventory status report from the storeroom. The clerk reviews this information and prepares a hardcopy purchase requisition, which she sends to the purchasing department. From her department PC the clerk then accesses the bill of materials and route sheets files and prints the following hard copy documents: work orders, move tickets, and materials requisitions. Three copies of each document are prepared. One copy of the work order, move ticket, and materials requisitions document are sent to cost accounting. The….Internal Controls and RiskReview the following description of the purchasing and AP procedures for a company and answer the questions at the end.The purchasing agent receives an inventory status report on his computer terminal from the inventory control application, which identifies the items that need to be reordered. The agent selects the suppliers and enters this information into the computer terminal to create a digital purchase order. He then prints and sends a copy of the PO to the supplier.When the goods are received directly into the warehouse, the warehouse manager counts and inspects them. The manager then creates a digital receiving report and updates the inventory subsidiary ledger from the warehouse terminal.A few days later, the supplier sends an invoice to the AP clerk who reconciles it with the digital copy of the receiving report. From her computer terminal, the clerk records the purchase in the purchases journal and records the liability by adding a record to the AP…
- Which of the following departments often found in a merchandising organization would be classified as a line department? Select one: OA. Human Resources OB. Maintenance C. Home Furnishings D. PayrollThe following is a description of manufacturing com-pany’s purchasing procedures. All computers in the com-pany are networked to a centralized accounting system sothat each terminal has full access to a common database.The inventory control clerk periodically checks in-ventory levels from a computer terminal to identifyitems that need to be ordered. Once the clerk feels in-ventory is too low, he chooses a supplier and creates apurchase order from the terminal by adding a record tothe purchase order file. The clerk prints a hard copy ofthe purchase order and mails it to the vendor. An elec-tronic notification is also sent to accounts payable andreceiving, giving the clerks of each department accessto the purchase order from their respective terminals.When the raw materials arrive at the unloading dock,a receiving clerk prints a copy of the purchase orderfrom his terminal and reconciles it to the packing slip.The clerk then creates a receiving report on a computersystem. An electronic…The following is a description of manufacturing com-pany’s purchasing procedures. All computers in the com-pany are networked to a centralized accounting system sothat each terminal has full access to a common database.The inventory control clerk periodically checks in-ventory levels from a computer terminal to identifyitems that need to be ordered. Once the clerk feels in-ventory is too low, he chooses a supplier and creates apurchase order from the terminal by adding a record tothe purchase order file. The clerk prints a hard copy ofthe purchase order and mails it to the vendor. An elec-tronic notification is also sent to accounts payable andreceiving, giving the clerks of each department accessto the purchase order from their respective terminals.When the raw materials arrive at the unloading dock,a receiving clerk prints a copy of the purchase orderfrom his terminal and reconciles it to the packing slip.The clerk then creates a receiving report on a computersystem. An electronic…
- The procurement process for Omni Wholesale Company includes a series of activities that transforms a materials requisition into a vendor check. The process begins with a request for materials. The requesting department prepares and sends a materials request form to the Purchasing Department. The Purchasing Department then places a request for a quote to vendors. Vendors prepare bids in response to the request for a quote. A vendor is selected based on the lowest bid. A purchase order to the low-bid vendor is prepared. The vendor delivers the materials to the company, whereupon a receiving ticket is prepared. Payment to the vendor is authorized if the materials request form, receiving ticket, and vendor invoice are in agreement. These three documents fail to agree 40% of the time, initiating effort to reconcile the differences. Once the three documents agree, a check is issued. The process can be diagrammed as follows: An activity analysis indicated the following activity costs with…Listed below are activities incurred by Rocky Point Manufacturing Company. The company manufactures a variety of products for sale to large department stores. Required: Match each of the following resources and activities with the most likely activity level. Activity Level: Unit(U), Batch(B), Product/Process(P), Facility(F) Resource and Description Activity Level a. Product design activities b. Specialized machinery setups c. Scheduling, training and support services for all employees d. Random inspection of each batch of production e. High grade plastic used for production runs f. Cost of ordering and maintaining components used in electronic games manufactureProcess Activity Analysis The procurement process for Jarom Wholesale Company includes a series of activities that transforms a materials requisition into a vendor payment. The process begins with a request for materials. The requesting department prepares and sends a materials request form to the Purchasing Department. The Purchasing Department then places a request for a quote to vendors. Vendors prepare bids in response to the request for a quote. A vendor is selected based on the lowest bid. A purchase order to the low-bid vendor is prepared. The vendor delivers the materials to the company, whereupon a receiving ticket is prepared. Payment to the vendor is authorized if the materials request form, receiving ticket, and vendor invoice are in agreement. These three documents fail to agree 40% of the time, initiating effort to reconcile the differences. Once the three documents agree, a payment is made. The process can be diagrammed as follows: An activity analysis indicated the…
