INMT 341 Exam 2 Questions with 100%
Correct Answers
In the P2P process, what 3 functions are crucial? - Answer-Record, Maintain, Report
What event causes 2 information processing events to occur in P2P? - Answer-Receipt of goods -->
record receipt and recognize liability
What is EOQ? - Answer-Traditional approach to ordering goods after they fall below a certain point (to
allow for uninterrupted flow of production)
What is Material Resource Planning? - Answer-Schedules resources to be purchased more closely to
loads. --> reduces inventory and shorter delivery times
Describe JIT processing - Answer-Orders goods as needed, eliminates waste
When is a purchase request open? - Answer-Open: until it's denied or becomes an order
What is a "blind copy?" - Answer-A version of the purchase order sent to the receiving department that
DOES NOT include order quantity; must physically count
, Describe ISO 9000 and ISO 14000 - Answer-9000: intended to demonstrate vendor financial and ethical
commitment to high quality, safe products
14000: intended to demonstrate what the organization does to minimize effects on environment
What function (record, maintain, report) does receiving take on? - Answer-Maintain --> custodial
funciton
Recording a liability is what type of function? - Answer-Recordkeeping
What does a 3-way match compare? - Answer-Vendor Invoice, Purchase order, Receipts
What is a "ticker" file? - Answer-Any file that is organized according to the future date on which action
is needed
What is Evaluated Receipt Settlement (ERS)? - Answer-Automatic settlement of receipts
Eliminates vendor invoice, creates ASN
What is perhaps the most crucial part in the buying decision process? - Answer-Selecting a vendor
What is considered the "heart of the company's value chain"? - Answer-The OTC process --> where
money comes in and they create value (customer)
How to you discern between an entity, file, info processing steps, relationships/flow of the diagram? -
Answer-Entity: box
File: parallel lines
Correct Answers
In the P2P process, what 3 functions are crucial? - Answer-Record, Maintain, Report
What event causes 2 information processing events to occur in P2P? - Answer-Receipt of goods -->
record receipt and recognize liability
What is EOQ? - Answer-Traditional approach to ordering goods after they fall below a certain point (to
allow for uninterrupted flow of production)
What is Material Resource Planning? - Answer-Schedules resources to be purchased more closely to
loads. --> reduces inventory and shorter delivery times
Describe JIT processing - Answer-Orders goods as needed, eliminates waste
When is a purchase request open? - Answer-Open: until it's denied or becomes an order
What is a "blind copy?" - Answer-A version of the purchase order sent to the receiving department that
DOES NOT include order quantity; must physically count
, Describe ISO 9000 and ISO 14000 - Answer-9000: intended to demonstrate vendor financial and ethical
commitment to high quality, safe products
14000: intended to demonstrate what the organization does to minimize effects on environment
What function (record, maintain, report) does receiving take on? - Answer-Maintain --> custodial
funciton
Recording a liability is what type of function? - Answer-Recordkeeping
What does a 3-way match compare? - Answer-Vendor Invoice, Purchase order, Receipts
What is a "ticker" file? - Answer-Any file that is organized according to the future date on which action
is needed
What is Evaluated Receipt Settlement (ERS)? - Answer-Automatic settlement of receipts
Eliminates vendor invoice, creates ASN
What is perhaps the most crucial part in the buying decision process? - Answer-Selecting a vendor
What is considered the "heart of the company's value chain"? - Answer-The OTC process --> where
money comes in and they create value (customer)
How to you discern between an entity, file, info processing steps, relationships/flow of the diagram? -
Answer-Entity: box
File: parallel lines
