Exam 10: Purchasing and Payments Process

There are five modules in the ERP system cloud map that support the specific purchasing and payment business processes. Choose one of the modules from the list below.

Numerous departments are involved in the fixed assets purchases and payments processes. Choose from the list below one of the departments that is involved in the fixed assets purchases and payments processes.

The data collected during the accounts payable process can be converted into several accounts payable reports. Below is a list of some of those reports. Which accounting journal report captures all payments recorded?

The raw material purchasing reports can provide management with insight into how to improve processes. Additional raw materials purchasing analytics can be used for decision making and dashboards. Which raw material purchasing analytic analyzes vendors with the same telephone number, address, or email?

The data collected during the purchasing of raw materials can be converted into several purchasing reports. Below is a list of some of those reports. Which report is summarized to show what products have been received within a period of time?

The data collected during the purchasing of raw materials can be converted into several purchasing reports. Below is a list of some of those reports. Which report lists the total number of purchase requisitions that have been purchased or remain outstanding within a period of time?

The raw material purchasing reports can provide management with insight into how to improve processes. Additional raw materials purchasing analytics can be used for decision making and dashboards. Which raw material purchasing analytic compares the goods received to the approved purchase order?

The textbook discussed four of the stages of the Fixed Asset acquisitions process. Which stage corresponds to the following description? "Routine purchases of fixed assets follow a common pattern; the fixed asset is inspected, the receiving report is prepared, the fixed asset is delivered to the requesting department for installation and/or use, fixed assets are tagged for future identification purposes."

RAM Manufacturing LLC is a rapidly growing manufacturer of parts for the automotive industry. Maeve, an accounts payable analyst, is performing a three-way match before issuing payments to the vendors. RAM Manufacturing recently went live with NetSuite as their ERP system. However, they have not yet started using the receiving system and use Microsoft Excel to track receipts. Therefore, Maeve must match the combined purchase order and invoice with a separate spreadsheet that has the receiving report data. Purchase and invoice data: Receiving report spreadsheet: Do all the invoices pass the three-way match? If not, explain why.

Payments recorded in the wrong vendor account may result in duplicate payments to vendors. Choose the best control activity to address this risk.

Review the diagram below: What business activity does D represent?

There are four departments in a company that are directly involved in the purchasing processes. Which department manages inventory and is responsible for ensuring that there is an optimal amount of inventory on hand, issuing requisitions when additional inventory is required?

The data collected during the purchasing of raw materials can be converted into several purchasing reports. Below is a list of some of those reports. Which report lists days purchase orders have been outstanding classified in buckets?

Review the diagram below: What business activity does C represent?

Inventory is a balance sheet line item that includes all items used in the creation of products. Which of the following is classified as products ready to ship to customers?

Choose from the list below the best definition of Supply chain management.

Numerous departments are involved in the purchases and payments processes. Choose from the list below one of the departments that is involved in the purchases and payments processes.

Payments recorded in the wrong vendor account may result in duplicate payments to vendors. Choose the best control activity to address this risk.

Review the diagram below: Which deliverable is D?

Bid rigging and kickbacks create unfair and uncompetitive bidding processes which may result in financial losses due to paying higher prices in the absence of competition. Choose the best control activity to address this risk.