HANDLE INCOMING PROCUREMENT DOCUMENTS (PROCUREMENT PROCESS)

The first step in procurement process is review purchase

requisition.

• True

• False

Maintaining document repositories is an important step in

procurement. It’s an ongoing part of the entire process where every

financial and business transaction needs to be traceable.

• True

• False

Approved purchase requisitions are forwarded to the accounting

team for vetting against the budget. Based on past engagements

with vendors, industry data, etc. a certain cost estimate is arrived at

and that budget is then approved and allocated for this specific

purchase.

• True

• False

Review and select vendors come after the purchase requisition is

reviewed.

• True

• False

This is an accounting process which is done to tally the

products ordered, dispatched, and received. This helps to avoid errors such as

early or late payments, unauthorized payments, and quantity mismatches.

What the name of step on this statment?