Critical Thinking Chapter 15

1. A purchases discount is when a supplier offers a charge customer a cash discount for early payment.
2. A purchase requisition is a written request to order a specified item or items. A purchase order is a written offer to a supplier to buy specified items.
3. When the shipment arrived, I would unpack and check the contents against the quantities and items listed on the packing slip.
4. A purchases return occurs when a business returns merchandise to the supplier for full credit. A purchases allowance occurs when a business keeps less than satisfactory merchandise and pays a reduced price.
5. The importance of using a purchase requisition, a purchase order, a packing slip, and a processing stamp in the purchasing process of a business so that of the information needed can be found and nothing can be lost, all information will be able to be found in one place.
6. The subsidiary ledger is useful for keeping all of a clients accounting information in one area. It arranges the data in numerical orders. The ledger also keeps the accounts payable data on one form for each client, making the paperwork easier.




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