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The flowchart below illustrates two alternative inventory ordering methods. Answer part 1 to 3 based on this flowchart Some organizations prefer using alternative two. What are the advantages of using alternative two instead of the alternative one? Be specific.  What is the difference between purchase requisition and purchase order?  Under what circumstances can you envision management using alternative one rather than alternative two?  Some accountants argue that the receiving department should be eliminated. Discuss the objective of eliminating the receiving function. What accounting/audit problems need to be resolved.

The flowchart below illustrates two alternative inventory ordering methods. Answer part 1 to 3 based on this flowchart Some organizations prefer using alternative two. What are the advantages of using alternative two instead of the alternative one? Be specific.  What is the difference between purchase requisition and purchase order?  Under what circumstances can you envision management using alternative one rather than alternative two?  Some accountants argue that the receiving department should be eliminated. Discuss the objective of eliminating the receiving function. What accounting/audit problems need to be resolved.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The flowchart below illustrates two alternative inventory ordering methods. Answer part 1 to 3 based on this flowchart

  • Some organizations prefer using alternative two. What are the advantages of using alternative two instead of the alternative one? Be specific. 
  • What is the difference between purchase requisition and purchase order? 
  1. Under what circumstances can you envision management using alternative one rather than alternative two? 
  2. Some accountants argue that the receiving department should be eliminated. Discuss the objective of eliminating the receiving function. What accounting/audit problems need to be resolved. 

 

 

Grab File Edit Capture Window Help A 94% Thu 3:46 pm !! 合ら wa Sis question answers - Saved to my Mac Home Insert Draw Design Layout References Mailings Review View ? Tell me e Share O Comments Purchases Dana Processing Deparmont Receiving Accounts Payable Purchase Bequinition Fie Bind Coy Aat Pay Copy Fle Copy Prepare Purchase Orders Bind Copy Acct Pay Cpy Open Purchane Ordar Fe Vondor File Purchase Onter Bind Copy Acc Pay CapY File Copy Review Purghese Order and 15 Bind Copy Acct Pay Copy File Copy Purchooe Order Fle Vendor r ALTERNATIVE ONE Purchases Data Procossing Department Receiving Accounts Payable Purchse Tansaction List Requisition Filc Pepare Purchsse Acct Py Copy Bird Cupy Fevien Open Punchnae Order Fle Vendor Fle Orders and File Bind Copy Acut Pay Coy Purchase Crder Tanncion Liat Tançaction Li Vendor ALTERNATIVE TWO Required: 1. Some organizations prefer using alternative two. What are the advantages of using alternative two instead of the alternative one? Be specific. [2 Marks] 2. What is the difference between purchase requisition and purchase order? [2 Marks] 3. Under what circumstances can you envision management using alternative one rather than alternative two? [3 Marks) 4. Some accountants argue that the receiving department should be eliminated. Discuss the objective of eliminating the receiving function. What accounting/audit problems need to be resolved. [4 Marks] Answer tep 1 Page 3 of 16 4479 words English (Australia) O Focus + 120% D
Transcribed Image Text:Grab File Edit Capture Window Help A 94% Thu 3:46 pm !! 合ら wa Sis question answers - Saved to my Mac Home Insert Draw Design Layout References Mailings Review View ? Tell me e Share O Comments Purchases Dana Processing Deparmont Receiving Accounts Payable Purchase Bequinition Fie Bind Coy Aat Pay Copy Fle Copy Prepare Purchase Orders Bind Copy Acct Pay Cpy Open Purchane Ordar Fe Vondor File Purchase Onter Bind Copy Acc Pay CapY File Copy Review Purghese Order and 15 Bind Copy Acct Pay Copy File Copy Purchooe Order Fle Vendor r ALTERNATIVE ONE Purchases Data Procossing Department Receiving Accounts Payable Purchse Tansaction List Requisition Filc Pepare Purchsse Acct Py Copy Bird Cupy Fevien Open Punchnae Order Fle Vendor Fle Orders and File Bind Copy Acut Pay Coy Purchase Crder Tanncion Liat Tançaction Li Vendor ALTERNATIVE TWO Required: 1. Some organizations prefer using alternative two. What are the advantages of using alternative two instead of the alternative one? Be specific. [2 Marks] 2. What is the difference between purchase requisition and purchase order? [2 Marks] 3. Under what circumstances can you envision management using alternative one rather than alternative two? [3 Marks) 4. Some accountants argue that the receiving department should be eliminated. Discuss the objective of eliminating the receiving function. What accounting/audit problems need to be resolved. [4 Marks] Answer tep 1 Page 3 of 16 4479 words English (Australia) O Focus + 120% D
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