Listed Below Are the Major Functions of the Purchasing Process

question 36

Essay

Listed below are the major functions of the purchasing process.
1)Purchasing function.
2)General ledger function.
3)Invoice-processing function.
4)Disbursement function.
5)Accounts payable function.
6)Requisition and receiving function.
Name four pairs of functions that should be segregated from each other and explain why the segregation is important.

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Definitions:

Premium

An amount paid in excess of the nominal value or in addition to the standard cost, often associated with insurance policies or bonds.

Strip

A strategy in bond investing or a derivative trading term where a bond's interest payments and principal repayments are separated and sold as individual zero-coupon securities.

Patent Hearing

A judicial proceeding to resolve disputes related to the validity or infringement of patents.

Bullish

An optimistic viewpoint on the market or a particular stock, expecting prices to rise.