In the Materials Planning System,purchase Requisitions Can

question 10

Multiple Choice

In the materials planning system,purchase requisitions can

• A) only be prepared electronically.
• B) only be prepared manually.
• C) be prepared either manually or electronically.
• D) Purchase requisitions are not part of the materials planning system.

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Definitions:

Operating Expenses

Costs associated with the day-to-day functions of a business excluding the cost of goods sold.

Fiscal Year

A fiscal year is a one-year period designated for accounting and financial reporting purposes, differing from the traditional calendar year.

Ledger

The principal book or computer file for recording and totaling economic transactions measured in terms of a monetary unit of account by account type.

Accounting Equation

A fundamental principle of accounting representing the relationship between a company's assets, liabilities, and equity (Assets = Liabilities + Equity).