ECONOMICS

Detailed explanation-1: -The receiving clerk is responsible for the preparation of purchase requisition. Materials are transferred from the storeroom to the factory in response to material requisitions.

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: -A purchasing procedure outlines the process of obtaining goods and services through your supply chain. As a business, you need to purchase goods and services to meet your needs, in turn, meeting your customers’ needs. Customers want and expect quality in the services or products they purchase.

Detailed explanation-5: -(A) The document authorizing the issuance of materials from the storeroom is a materials requisition. A materials requisition is a request to move materials from the warehouse to the production floor.