the purchasing function is an important function performed by department 616435

Raw material is also termed as ______ material.

The purchasing function is an important function performed by ______ department.

Firms generally float ______ to obtain prices from prospective suppliers of goods and services.

Raw materials may be defined as “goods purchased for ______ for sale”.

Material that is directly identifiable with the product and can be conveniently traced to cost units is known as ______.

Cost of direct materials is charged directly to the specified ______, ______ or ______.

The classification of material into direct and indirect facilitates ______.

Normal storage and issue losses are recovered by inflating ______ per unit.

The system of imprest stores is based on the imprest system of______.

______is a document that shows the quantity of specified materials available at any point of time.

______ is a document which shows the materials received from suppliers.

The stores ledger is maintained by the ______ department.

When materials are transferred from one department to another department, the transferrer department raises a______.

The economic order quantity is computed using the formula______.

Re-order level = …… × Maximum lead time.

Maximum level = ……+ Re-order quantity – (Minimum lead time × Maximum usage).

Minimum stock level = Re-order level – (Normal average lead time × ………).

ABC analysis is analytical tool which is used in ______.

Pareto analysis is also known as ______ rule.

A process whereby all stock items are physically counted and valued is known as ______.

Recording of receipts, issues, returns of materials in either quantity or quantity and valuing is known as ______.

Two levels of material control are______ and ______.

Stock adjustment account is ______ with shortage of stock and ______ with surplus of stock.

Inventory turnover ratio shows the relationship between the cost of goods sold (or cost of inventory consumed) and ______.

Optimal safety stock is the quantity at which the total of ______ and stock-out cost is the minimum.

Inventory is dealt with in detail in accounting standard ______.

When prices are rising, ______ method of pricing issue of materials is suitable.

______ method is not recognized as per AS (2).

Sale proceeds from scrap are ______ to the job or process and any loss on sale of scrap is ______ to costing profit and loss account.

In case the departments responsible for defective units cannot be identified, the cost incurred in rectification are to be debited to ______.