If the Wrong Inventory Is Selected in a Purchase, You

question 7

Multiple Choice

If the wrong inventory is selected in a purchase, you can make the correction before posting by -

• A) opening a new purchase invoice and entering the correct work
• B) selecting the incorrect field, entering the correct item, re-entering the quantity
• C) re-selecting the supplier from the suppliers list and recording the purchase from scratch
• D) removing the purchase invoice from the edit menu and choosing redo

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Definitions:

Standard Costs

Predetermined costs for products, services, or activities, used as benchmarks for measuring performance.

Management Planning

The process of setting objectives and outlining a strategy to achieve those objectives within an organization.

Standard Costs

The predetermined costs associated with manufacturing a product or providing a service, used as benchmarks for measuring performance.

Quality Control

The process of ensuring that products and services meet certain standards and are free from defects.