In a Purchasing Process, Once Requirements Are Determined and a Vendor

question 138

Multiple Choice

In a purchasing process, once requirements are determined and a vendor selected, the next step is:

• A) the purchase requisition
• B) the purchase order
• C) receive goods and services
• D) a vendor acknowledgement

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Definitions:

Cost

The amount of money or resources expended to obtain, produce, or maintain an object or service.

Sales

The revenue a company earns from selling goods or services.

Gross Profit

The difference between sales revenue and the cost of goods sold, before deducting operating expenses, interest, and taxes.

Expense

Outflows or using up of assets as a result of the company’s efforts to generate revenue.