COST ACCOUNTING
COST MANAGEMENT SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Purchase order information is automatically sent to Receipt Accounting using a real-time method
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This process can only be scheduled and run from the Receipt Accounting work area
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You do not have the role to import purchase order information into Receipt Accounting.
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All purchase order information is included in the Transfer Transactions from Receiving to Costing process. There is no separate process.
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Purchase order information should not be imported into Receipt Accounting
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Detailed explanation-1: -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-2: -The Transfer Transactions from Receiving to Costing process is used to transfer transactions from Receiving to Receipt Accounting in Cost Management. Receiving sends the receiving transactions information to the CMR I RCV TRANSACTIONS table in Cost Management.
Detailed explanation-3: -Under the accrual method (sometimes called the accrual basis of accounting), businesses record revenues when the transaction occurs, not when the actual cash payment for the sale is received.
Detailed explanation-4: -The cost cutoff date sets the last transaction date processed for an accounting period. This enables you to continue normal business operations with no interruptions from one period to the next, using the cost cutoff date to define accounting period boundaries for these transactions.