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GFEBS SPENDING CHAIN: PURCHASE REQUISITIONS QUESTIONS AND ANSWERS | LATEST UPDATE | 2024/2025 | GRADED A+ $9.71
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GFEBS SPENDING CHAIN: PURCHASE REQUISITIONS QUESTIONS AND ANSWERS | LATEST UPDATE | 2024/2025 | GRADED A+
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GFEBS SPENDING CHAIN: PURCHASE REQUISITIONS QUESTIONS AND ANSWERS | LATEST UPDATE | 2024/2025 | GRADED A+ What is the purpose of a purchase requisition? The purpose of a purchase requisition is to formally request the procurement of goods or services. Who typically creates a purchase re...

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  • September 19, 2024
  • 21
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • gfebs spending chain purchase requisitions questi

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  • GFEBS SPENDING CHAIN: PURCHASE
  • GFEBS SPENDING CHAIN: PURCHASE

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GFEBS SPENDING CHAIN: PURCHASE
REQUISITIONS QUESTIONS AND
ANSWERS | LATEST UPDATE |
2024/2025 | GRADED A+

What is the purpose of a purchase requisition?


✔✔ The purpose of a purchase requisition is to formally request the procurement of goods or

services.




Who typically creates a purchase requisition in an organization?


✔✔ A department or individual responsible for acquiring goods or services creates the purchase

requisition.




What must be included in a purchase requisition?


✔✔ The purchase requisition typically includes item details, quantity, estimated cost, and

required delivery date.




Why is a purchase requisition necessary in the procurement process?


✔✔ It ensures proper authorization and approval before any purchases are made.



1

,What happens after a purchase requisition is approved?


✔✔ After approval, it is converted into a purchase order for the vendor to fulfill.




How does a purchase requisition flow in GFEBS?


✔✔ The purchase requisition flows through various approval stages before being finalized and

converted into a purchase order.




What is the difference between a purchase requisition and a purchase order?


✔✔ A purchase requisition is an internal document requesting approval for a purchase, while a

purchase order is an external document sent to a vendor to request goods or services.




Why is it important for purchase requisitions to be accurate?


✔✔ Accurate purchase requisitions prevent delays, over-expenditure, or procurement of

incorrect goods or services.




How does a purchase requisition help in budget management?


✔✔ It ensures that the requested purchase is within the allocated budget before the expenditure

is made.

2

, What role does a purchase requisition play in internal controls?


✔✔ It helps maintain transparency and accountability by requiring proper approval before

making purchases.




What are the consequences of skipping the purchase requisition step?


✔✔ Skipping this step can result in unauthorized purchases, budget overruns, and audit findings.




What type of information should be verified before submitting a purchase requisition?


✔✔ The item description, quantity, estimated price, and budget availability should be verified.




What happens if a purchase requisition is rejected?


✔✔ If rejected, the requisition must be reviewed, corrected, and resubmitted for approval.




How is a purchase requisition tracked in the procurement process?


✔✔ It is tracked through a procurement system like GFEBS, where its status can be monitored at

each approval stage.




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