Podcast
Questions and Answers
What is the primary responsibility of the purchasing department?
What is the primary responsibility of the purchasing department?
Which of the following is NOT a function of the storage department?
Which of the following is NOT a function of the storage department?
What must the purchasing department verify before approving invoices?
What must the purchasing department verify before approving invoices?
How does the storekeeper issue materials to different departments?
How does the storekeeper issue materials to different departments?
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What function does follow-up perform in the purchasing department?
What function does follow-up perform in the purchasing department?
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Which action is part of the miscellaneous functions of the storage department?
Which action is part of the miscellaneous functions of the storage department?
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What is the main purpose of verifying invoices in the purchasing department?
What is the main purpose of verifying invoices in the purchasing department?
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What role does maintaining good relations with suppliers play in the purchasing function?
What role does maintaining good relations with suppliers play in the purchasing function?
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Flashcards
Purchasing department function
Purchasing department function
Procuring materials of right quality, quantity, and source at the best price, within the right time.
Order placement
Order placement
The act of placing orders for materials, carefully considering the quantity and quality needed by the company, by the purchasing department.
Follow up (purchasing)
Follow up (purchasing)
Ensuring timely delivery of ordered materials , maintaining contact with suppliers to manage delivery dates.
Invoice verification
Invoice verification
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Storage department function
Storage department function
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Issuing requisitions
Issuing requisitions
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Receiving materials (storage)
Receiving materials (storage)
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Issuing materials (storage)
Issuing materials (storage)
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Study Notes
Purchasing & Stores
- Purchasing is procuring the right quality materials at the right time, right quantity, and right price.
Purchasing Department Functions
- Source Selection: Locates and selects vendors offering materials at best terms.
- Placing Orders: Aims for lowest cost, proper quantity, and quality.
- Order Follow-up: Ensures timely delivery, reminding suppliers and verifying delivery dates.
- Invoice Verification: Checks invoices for accuracy, handling adjustments for damaged goods.
- Miscellaneous: Organizes supplier discussions, maintains vendor relationships, tracks records, monitors new materials, and notifies departments of potential delays.
Storage Department Functions
- Issuing Requisitions: Departments request materials, and the storekeeper checks inventory levels.
- Receiving Materials: Storekeeper receives deliveries (raw materials, finished products).
- Storing Materials: Goods are unpacked, checked, and placed in appropriate containers.
- Issuing Materials: Storekeeper releases materials upon authorized requests.
- Miscellaneous: Handling obsolete materials, damage claims, overseeing store operations, physical inventory counts, notifying inventory controls, and maintaining records.
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Description
This quiz covers the essential functions of the purchasing and storage departments. It includes topics like source selection, placing orders, order follow-up, and storing materials. Test your understanding of the processes involved in procuring and managing inventory effectively.
