Describe the purpose of a purchase requisition by selecting the correct answer below.Multiple select question.Purchase requisitions are used to inform the purchasing department of its needs.Managers are not allowed to place orders directly with vendors; instead, they fill out a purchase requisition.Purchase requisitions are used for control purposes.Purchase requisitions are designed so that managers can place their orders directly with vendors without going through the purchasing department.

Describe the purpose of a purchase order by selecting the correct statement(s) below.Multiple select question.Multiple copies of the purchase order are distributed to other departments to increase internal control of company purchases.A purchase order is a document the purchasing department uses to place an order with a vendor.A purchase order is a bill received from the vendor that reflects the amount owed by the buyer.A purchase order authorizes a vendor to ship ordered merchandise at a stated price and terms.

Select the alternative that best describes a REQUISITION DOCUMENT used in the acquisitions and payments cycle.a.This document is completed by the buying department and sets out the details and prices of the goods to be purchased. b.This document is issued by the warehouse to convey to the buying department that goods are required.c.This document is completed by the purchasing company when the goods are delivered by the supplier.d.This document is made out by the supplier and details the goods which are supplied and it has to be signed by the purchasing company to acknowledge receipt of the goods

Multiple Choice Question_____ is when suppliers allow a business to take possession of needed goods and pay for them at a later date or in installments.Multiple choice question.CollateralTrade creditBarteringA mortgage

Multiple Choice QuestionMoney an organization owes to suppliers for goods and services is called _____.Multiple choice question.idle cashtrade creditaccounts receivableaccounts payable

A seller is not obligated to try to resell the goods to someone else other than the intended buyer if she __________.Multiple choice question.tries to resell them without allotting the buyer's benefitsintends to use them for personal usesets aside goods intended for the contractfails to complete the manufacture of such goods