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 ______.