ECONOMICS

Detailed explanation-1: -Receiving clerk is responsible for checking orders against shipments for quantity and quality of goods. The purchasing agent is involved in the physical control of materials. The purchasing agent is responsible for the preparation of material requisitions and specifying the kind of materials of materials needed.

Detailed explanation-2: -Answer and Explanation: The form organized by the purchasing agent and sent to the seller to get material is known as purchase order.

Detailed explanation-3: -Purchase Requisition – the form used to notify the purchasing agent that materials are needed. Purchase Order – the purchase requisition that gives the purchasing agent authority to order the materials. Vendor’s Invoice – the invoice from the vendor that should be compared to the purchase order.

Detailed explanation-4: -Purchase control means the web-based application provided by the Bank that allows the Applicant to generate Virtual Card Numbers to eect payments and to congure approval hierarchy based on Applicant’s internal organizational structure.