COST ACCOUNTING
COST MANAGEMENT SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Review their journal entries, including their sub-ledger accounting events and class where the charges from the purchase orders are going to be charged to.
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Review their accrual balances and clear them.
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Review their distributions that show the debit and credit information specific to the Receipt Accounting transaction selected.
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Review their audit receipt accrual clearing balances.
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Review their Receipt Accounting processes that show whether any processes failed and why.
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Detailed explanation-1: -Use Receipt Accounting to: Create accruals for purchase order receipts that are expensed or shipped to inventory.
Detailed explanation-2: -When goods are interfaced from Oracle Receiving to Oracle Receipt Accounting, Receipt Accounting recognizes the liability to the supplier, and creates accruals for receipts destined for inventory or expense. For consigned purchases, the supplier accrual is booked upon change of ownership.
Detailed explanation-3: -In accounting, receipts can also refer to the total cash inflows over a specific period of time. A typical receipt states the time and value of a transaction, and may also include information on the type of service or product being provided, the method of payment, and any additional taxes or fees.