The Element of the MRP Record Which Is the Amount

question 80

Multiple Choice

The element of the MRP record which is the amount of an item required to satisfy gross requirements after taking scheduled receipts and projected inventory in account is called

• A)gross requirements.
• B)net requirements.
• C)scheduled receipts.
• D)planned order receipts.

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Definitions:

Journal

A chronological record where financial transactions are initially recorded using the double-entry accounting system before being transferred to accounts in the ledger.

Chronological Order

This is the arrangement of events, or information, according to the time sequence in which they occurred or were created.

Account Number Order

The sequence or arrangement of account numbers, often used in organizing financial records or transactions for easy access and reference.

Journal

A detailed record where all financial transactions are initially recorded, chronologically, before being posted to ledger accounts.