The Correct Statement in Relation to Purchase Requisitions Is

question 53

Multiple Choice

The correct statement in relation to purchase requisitions is:

• A) all purchase requisitions in the organization should originate from the warehouse.
• B) all managers in the organization should be able to sign a requisition order.
• C) the purchase requisition represents the start of the trail of documentary evidence in support of management's assertion as to the occurrence of the purchase transaction.
• D) all of the above

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Definitions:

Lease Payments

Regular payments made by a lessee to a lessor for the use of an asset over a specified period.

Sole Proprietor

An individual who owns and operates a business alone, bearing full responsibility for its debts and liabilities.

Schedule C

A form used by sole proprietors to report their business income and expenses to the IRS as part of their personal tax return.

Form 1040

The standard IRS form that individuals use to file their annual income tax returns, encompassing income, deductions, and credits.