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GEAR 111 Test 3

Unit 7-8

TermDefinition
Nature & purpose of payment & acquisitions cycle - Sufficient products purchased at competitive prices ito satisfy demand - Purchase is promptly & appropriately recorded - Suppliers ae paid in timely manner
Computer technologies for payment & acquisitions cycle EFT - Electronic Fund Transfer EDI - Electronic Data Interchange
Nature & purpose of inventory & production cycle - Safeguard inventory - Control inventory movements - Control production process itself
Inventory counts cycles Planning Conducting Finalising
Planning Planning meeting, setup floorplan, communicate instructions, allocate staff, arrange inventory neatly
Conducting Teams of 2, with 1 completely independent of inventory, count twice, complete count sheets, marks what has already been counted, identify damaged or obsolete products. Supervisor to do spot checks, limit inventory movement during count (count controller)
Finalising Count controllers inspect sequence of count sheets after count, ensure count areas that everything is counted & marked, compare quantities by both teams & send final inventory records to inventory clerk
Computer tech for inventory & prduction cycle Barcode scanning
Accuracy, completeness and validity of acquisitions & payment cycle Accuracy: All calcs are correct Completeness: All authorized orders are executed & delivered Validity: Only invoiced if goods were ordered
Weaknedd vs Recommendation Weakness: written in neg form Recommendation: should implement to address weakness
Created by: CARA.FAURIE
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