Question 1

What is a good receipt?

Accepted Answer

It is used to record and track the movement of goods into a warehouse from one vendor to another.

Answer

It is the process of deciding which customers to extend credit to and evaluating those customers’ creditworthiness over time.

Answer

It is also the function of granting credit terms and making sure money is collected when it becomes due. Outcome: Credit Analysis.

Question 2

What is a Goods Receipt Note (GRN)?

Accepted Answer

It is a document that evidences the receipt of goods by a business.

Answer

It is also the function of granting credit terms and making sure money is collected when it becomes due. Outcome: Credit Analysis.

Answer

It is the process of deciding which customers to extend credit to and evaluating those customers’ creditworthiness over time.

Question 3

What is the purpose of GRN?

Accepted Answer

The acknowledgment of delivery to the consignee where the content of the commodities is received in satisfying condition.

Answer

The criteria your credit team should follow when evaluating a customer’s creditworthiness

Answer

The information you require from customers to make a decision about granting them credit

Question 4

What is one benefit of GRN?

Accepted Answer

Assisting suppliers to go forward quickly with payment authorization

Answer

The information you require from customers to make a decision about granting them credit

Answer

How you’ll follow up on overdue payments and your procedures for dealing with delinquent accounts

Question 5

What are two uses of a Good Receipt Note?

Accepted Answer

Inspection of goods, Warehouse Inventory Management

Answer

Inspection of goods, Indexing

Answer

Inspection of goods, Journal Entry

Question 6

Name two steps involved in the Goods Receipt Process

Accepted Answer

Verifying Quantity and Condition of Goods, Notifying Purchasing of Goods Received

Answer

Indexing, Unloading and Placing Goods in Storage

Answer

Identification of Goods, Procure to Pay

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