1. which of the documents are used in accounting for raw materials?
goods received note
materials returned note
materials requisition note
delivery note..
2. goods received note provides : (tick all that apply)
information used to update inventory
information to check that the correct price has been recorded on supplier's invoice
information to check that the correct quantity of goods has been recorded on suppliers invoice
information to record any unused materials which are returned to stores.
ans is 1 and 2.. why not 3?
I know the meaning of requisition note, GRN, delivery note etc.. But, when questions are asked about those stuffs i alway fail to answer correct one. :'( ... Why is it so?
Ask the Tutor ACCA MA
inventory
1. material return and requisition notes
u get confused because u r unable to understand the question. i think it has to do with english comprehension.
divide the answer into phrases and see what it means
also, u may be familiar with the terms lie grn, but do u know the rows and columns in these documents?
have read carefull what each one does?...read ur study text again
its not that difficult
for ques no.1, ans is i and ii in my book..
sorry.. yes..
grn records incoming goods
material returns - from production back to store
material requisition - from store to production..
it shd be 1,2,3.
which text r u using?
i am using kalpan txt book .. F2 stuffs are really confusing :( .. couldn't carry on with the stuffs :( ny, thnk yuh for your reply :)
11y ago#5Sasha - why not use the free OpenTuition lectures and Course Notes? :-)
that is a great idea!
by the way .... what is the answer to question 1? it threw me off too
11y ago#7The answer is (i) and (ii).
The reason not (iii) is that the requisition note is sent from production to the purchase department telling them what to order. We don't record anything until the goods arrive (or leave because we are returning) and when we get the invoice and pay it.
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