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 payment processes.

 

Choose the best definition from the list below of bid rigging

An external document used to request a supplier to sell and deliver the products in the quantities and for the prices specified

A supplier generated document, which shows quantities and descriptions of items delivered to the receiving department at the specified warehouse location

A documents that shows the descriptions and quantities of goods received from vendors

Vendors collude with one another and reach advance agreement as to the winning bidder for a particular contract. The winning bidder agrees to compensate the other vendors in some manner

 

The correct answer is "Vendors collude with one another and reach advance agreement as to the winning bidder for a particular contract. The winning bidder agrees to compensate the other vendors in some manner."

 

Bid rigging is an illegal practice where vendors collude with each other to determine the winning bidder for a particular contract in advance. This may involve the submission of artificially high bids from competing vendors to make the pre-determined winning bid appear more competitive. In some cases, the winning bidder may agree to compensate the other vendors in some manner, such as by awarding them a separate contract or by providing them with subcontracts. Bid rigging is typically considered a violation of antitrust laws and can result in civil or criminal penalties.

 

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 payment processes.

Operations

Sales

Marketing

Fixed Asset Accounting

 

The correct answer is "Fixed Asset Accounting."

 

Fixed Asset Accounting is one of the departments that is typically involved in the fixed assets purchases and payment processes. This department is responsible for managing the organization's fixed assets, including the acquisition, disposal, and depreciation of these assets. They work closely with other departments, such as purchasing and accounts payable, to ensure that fixed assets are properly accounted for and that purchases and payments related to fixed assets are processed accurately and timely.

 

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

Marketing

Receiving

Operations

Sales

 

The correct answer is "Receiving." The receiving department is responsible for physically receiving and inspecting fixed assets that are purchased, and for verifying that the assets match the purchase order and invoice. The receiving department also notifies accounts payable and fixed asset accounting when the assets are received, so that they can be properly recorded and paid for. Other departments involved in the fixed asset purchase and payment process may include procurement, finance, and IT.

 

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.

Time and Attendance

Shipping/Receiving

Payroll

Bill of Material

 

The correct answer is "Shipping/Receiving".

 

The five modules in the ERP system cloud map that support the specific purchasing and payment business processes are:

 

Requisition: The process of requesting goods or services from a supplier.

Purchase Order: The document sent to a supplier to request the purchase of goods or services.

Receiving: The process of verifying that the goods or services have been received from the supplier.

Accounts Payable: The process of recording and paying invoices received from suppliers.

Shipping/Receiving: The process of shipping goods to customers and receiving goods from suppliers.

The other options listed are not directly related to the purchasing and payment business processes, as Time and Attendance is related to HR, Payroll is related to finance and accounting, and Bill of Material is related to production and inventory management.

 

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

Sales

Operations

Accounts Payable

Marketing

 

The correct answer is "Accounts Payable."

 

Fixed assets purchases and payment processes involve several departments such as procurement, receiving, accounts payable, fixed asset accounting, and operations. The accounts payable department is responsible for recording and tracking the purchase of fixed assets and processing payments to vendors. They ensure that invoices are properly authorized and that payments are made on time.

 

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 in the process of being manufactured?

Cash

Raw materials

Work in progress

Finished goods

The correct answer is "Work in progress".

The traditional three-way match matches the purchase order, vendor invoice and what other document?

Sales order

Vendor table

Packing slip

Receiving report

 

The correct answer is "receiving report".

 

The traditional three-way match is a process used in accounting and finance to ensure that the purchase order, vendor invoice, and receiving report all match before payment is made. The receiving report is a document used to confirm that the goods or services ordered have been received and accepted by the buyer. Matching these three documents helps to ensure that the company is paying the correct amount for the correct goods or services received.

 

The 3-way match takes documents from 3 Departments and matches them before paying a vendor invoice. Choose from the list below one of the departments a document should be received from by accounts payable to perform the match.

Operations

Receiving

Marketing

Sales

 

The correct department from which a document should be received by accounts payable to perform the 3-way match is "Receiving".

 

The 3-way match process involves matching three documents - purchase order, receiving report, and vendor invoice - to ensure that the goods or services ordered have been received and accepted, the invoice amount is accurate, and payment is made to the correct vendor. The receiving department is responsible for verifying that the goods or services have been received as per the purchase order, and they generate the receiving report, which is an essential document for the 3-way match process.

 

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?

Cash

Raw materials

Finished goods

Work in progress

 

The products that are ready to ship to customers are classified as "Finished goods".

 

Inventory is an asset account on the balance sheet that includes all items that a company intends to sell, such as raw materials, work-in-progress, and finished goods. Raw materials are the items that are used in the production of finished goods, while work-in-progress refers to products that are still in the production process and are not yet completed. Finished goods are the final products that are ready to be sold or shipped to customers. Therefore, finished goods are the inventory items that are classified as products ready to ship to customers.

 

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

Operations

Sales

Marketing

Accounts Payable

 

The department that is involved in the fixed assets purchases and payment processes is "Accounts Payable".

 

Fixed assets are long-term assets that a company owns and uses in its operations to generate revenue, such as land, buildings, equipment, and vehicles. Purchasing and paying for fixed assets involve multiple departments within a company, such as procurement, finance, and accounts payable. Accounts payable is responsible for recording the purchase of fixed assets and processing payment to the vendor or supplier. They ensure that all invoices are accurate, properly authorized, and paid on time to avoid any delays in the acquisition of fixed assets.