Match the Definitions erms finitions 1. Economic order a. A document that create

ID: 2747572 • Letter: M

Question

Match the Definitions

erms finitions 1. Economic order a. A document that creates a legal obligation to buy and pay for goods or uantity (EoQ) es 2. Materials uirements planning The method used to maintain the balance in petty cash account MRP) 3. Just-in-time (JIT) C. The time to reorder inventory triggered when the quantity on hand falls to a nventory system redetermined level 4. Purchase A document used to authorize a reduction in accounts payable because erchandise has been returned to a supplier uisition 5. Imprest fund An inventory control system that triggers production based upon actual sales 6. Purchase order . An inventory control system that triggers production based on forecasted es 7. Kickbacks A document used only internally to initiate the purchase of materials, upplies, or services A process for approving supplier invoices based on a two-way match of the eceiving report and purchase order 8. Procurement 9. Blanket purchasei. A process for approving supplier invoices based on a three-way match of the rder urchase order, receiving report, and supplier invoice A method of maintaining accounts payable in which each supplier invoice is 10. Evaluated ipts settlement (ERS) tracked and paid for separately

Explanation / Answer

Below is the answer; the terms are matched to their respective defination.

Terms

Definition

Economic Order Quantity

Material Requirement Planning

Just In Time

Purchase Requisition

Imprest Fund

Purchase Order

Kickbacks

Procurement Card

Blanket Purchase Order

Evaluated Receipts Settlement

Disbursement Voucher

Receiving Report

Debit Memo

Vendor Management Inventory

Voucher Package

Non Voucher System

Voucher System

No explanation required for this. The defiantions are self explanatory.