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documents used in Inventory control

Forums › ACCA Forums › ACCA MA Management Accounting Forums › documents used in Inventory control

  • This topic has 4 replies, 2 voices, and was last updated 11 years ago by AvatarJohn Moffat.
Viewing 5 posts - 1 through 5 (of 5 total)
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    Posts
  • September 18, 2014 at 9:07 am #195359
    Avatarmansoor
    Participant
    • Topics: 423
    • Replies: 541
    • ☆☆☆☆

    which of the following docs may be used to update stores ledger cards for inventory:

    1. GRN
    2. Materail Returned Note
    3. Material Requisitioned Note
    4. Delivery Note

    the answer in text is 1 and 2.

    i answered 1,2,3. In the text, it clearly says for Material Requisition notes ” …. and to update the store records.”

    can you explain this please?

    regards

    September 18, 2014 at 5:19 pm #195410
    AvatarJohn Moffat
    Keymaster
    • Topics: 57
    • Replies: 54838
    • ☆☆☆☆☆

    It is a little bit of a trick question.

    Although a note is likely to be made somewhere that material has been requisitioned (i.e. asked for by the relevant department), the actual inventory records will only be updated when inventory is actually received (or returned) or actually issued to a department.

    September 18, 2014 at 5:19 pm #195411
    AvatarJohn Moffat
    Keymaster
    • Topics: 57
    • Replies: 54838
    • ☆☆☆☆☆

    It is a little bit of a trick question.

    Although a note is likely to be made somewhere that material has been requisitioned (i.e. asked for by the relevant department), the actual inventory records will only be updated when inventory is actually received (or returned) or actually issued to a department.

    September 18, 2014 at 5:34 pm #195418
    Avatarmansoor
    Participant
    • Topics: 423
    • Replies: 541
    • ☆☆☆☆

    ok… so that begs the question: on the basis of which document is an issue to a dept recorded in the store card?

    September 18, 2014 at 5:42 pm #195422
    AvatarJohn Moffat
    Keymaster
    • Topics: 57
    • Replies: 54838
    • ☆☆☆☆☆

    Good question!

    There is no special name for any document for that, I am afraid.

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