Chapter 8 Process

Step 6 is GOODs Receipt. This is the first step with financial accounting postings. For purchasing a raw material which G/L postings are made?

Debit Raw Materials and Credit the GR?IR

Step is defined as which of the following?

Payment to Vendor

Step 1 is the trigger for the procurement process, What is this step called?

Purchase Requisition

The purpose of Step 4 is to create which of the following?

Purchase order

Step 7 in the procure-to-pay process is defined by which of the following?

Receive Vendor Invoice

Step 2 determines which of the following?

Source of Supply

Purchase Requisition

Step 1

Source of Supply

Step 2

Vendor Selection

Step 3

Purchase Order

Step 4

PO Monitoring

Step 5

Goods Receipt

Step 6

Invoice Receipt

Step 7

Payment to Vendor

Step 8

Step 3 determines which of the following?

Vendor Selection

The purpose of step 5 is for which of the following?

purchase order monitoring