Management Accounting - documents used in inventory control (FIFO AND LIFO)

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  • Created by: Flossy15
  • Created on: 08-01-19 19:43
What are requisition form/ purchases requisition??
Is sent to stores when more inventory is required by a department - detailing what is required
1 of 5
What are inventory record cards??
Records the receipt, issues and balance of materials of each item, it also shows the value of the closing inventory
2 of 5
What is an order??
Sent by the purchases department to the supplier detailing the quantity, description and cost of the materials to be purchased
3 of 5
What are good recevied notes??
Records the quantity, description and cost of the materials delivered by the supplier
4 of 5
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5 of 5

Other cards in this set

Card 2

Front

What are inventory record cards??

Back

Records the receipt, issues and balance of materials of each item, it also shows the value of the closing inventory

Card 3

Front

What is an order??

Back

Preview of the front of card 3

Card 4

Front

What are good recevied notes??

Back

Preview of the front of card 4

Card 5

Front

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Back

Preview of the front of card 5

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