BUAD 342 Exam 1 Questions And Answers Latest Updates
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Course
BUAD 342
Institution
BUAD 342
Procure to Pay ( Procurement or Expenditure) Business Process. - ️️includes the
activities involved in acquiring, paying for, and maintaining the goods and services
needed by an organization.
Examples of SDA technologies include - ️️·Magnetic Ink Character Recognition
(MICR) (such as t...
BUAD 342 Exam 1
Procure to Pay ( Procurement or Expenditure) Business Process. - ✔️✔️includes the
activities involved in acquiring, paying for, and maintaining the goods and services
needed by an organization.
Examples of SDA technologies include - ✔️✔️·Magnetic Ink Character Recognition
(MICR) (such as those on checks)
·Bar Code Reader/Scanner
·Optical Character Recognition (OCR)
·Magnetic Strip on credit cards
·Credit card chips
·RFID - radio frequency identification devices
·Touch screens
·Voice recognition & other biometrics devices
Not for Profit organizations - ✔️✔️organizations strive to provide particular services to
constituents (e.g., governments, educational, or charitable organizations.)
business process - ✔️✔️is a collection of related activities that combine different
resources and inputs to create an output that is of value to the organization, its stake
holders and/or its customers. These outputs may be products or services.
Business process groupings used by disciplines vary and examples can include: -
✔️✔️acquiring and paying for resources (e.g. financing, human skills, materials and
supplies, and plant and equipment),
converting resources acquired into goods and services for customers,
delivering goods and services to customers and collecting payment.
Some industries group key management activities and refer to them as business
processes, such as - ✔️✔️managing the supply chain,
managing the customer relationship,
managing the product lifecycle management,
managing human resources,
managing financial resources.
,typical core business processes that are common across every type of organization: -
✔️✔️1. acquiring and paying for resources from a vendor (e.g. acquiring and paying for
financing, human skills, materials and supplies, and/or plant and equipment);
2. converting resources acquired into goods and services for customers; and
3. delivering goods and services to customers and collecting payment.
Sell "things" - Order to Cash Business Process - ✔️✔️•Market goods or services to
potential or returning customers (and/or perform support activities that help customers
choose the organization as a vendor).
•Negotiate (with a potential or returning customer) the terms of a sales order for goods
or services.
•Select and inspect goods or services to be delivered to the customer.
•Prepare goods or services for delivery to the customer.
•Deliver goods or services to the customer.
•Receive payment for goods or services from the customer.
•Negotiate the terms of, and possibly accept, a customer return of goods.
For-profit organizations - ✔️✔️organizations strive to generate a profit (revenue in
excess of expenses). These profits can be reinvested into the company or distributed to
owners and/or shareholders.
take several legal forms such as unincorporated (sole proprietorships or partnerships),
corporations (C Corporations and S Corporations) and limited liability companies (LLC).
Buy "things" - Procure to Pay Business Process - ✔️✔️•Identify need and possibly
internally request the purchase of goods or services by an authorized purchasing agent.
•Negotiate a purchase order with a vendor.
•Receive and inspect goods or services from a vendor.
•Store and/or maintain goods.
•Pay a vendor for goods or services.
•Return goods to a vendor.
source data automation (SDA) - ✔️✔️collecting data
at its point of origin in digital form.
EDI (Electronic Data Interchange). - ✔️✔️A set of standards for exchanging messages
containing formatted data between computer applications.
What Are Some Key Information Processing Steps? - ✔️✔️1.(Capturing) and
Recording Source Data
, 2.Maintaining Reference Data
3.Generating Outputs/ Reports
- Conversion Business Process - ✔️✔️Make new "things" - to sell using "things" they
buy,
or customize "things" they buy to get them ready
for resale
During the procure to pay process, the organization takes the role of - ✔️✔️the
purchaser (customer).
An open purchase order is - ✔️✔️is an order that has been accepted by the vendor,
but the goods and/or services have not yet been received by the purchaser
-authorizes the purchaser to take delivery of goods or services once they arrive.
Open Purchase Order - ✔️✔️If the vendor accepts the conditions of the order, then we
say that the negotiation has resulted in
overall objective of the procure to pay process is - ✔️✔️to provide needed resources
for the organization's order to cash and conversion processes at an optimal time (at the
point when they are needed in an effort to reduce process cycle times, waste and
costs).
objective of the procure to pay process - ✔️✔️Acquire only those goods or services
that an organization needs and can afford.
• Purchase items from reliable vendors.
• Purchase high quality items, or at least items of the desired quality.
• Obtain the desired items at the best possible price.
• Purchase only those items that are properly authorized and are for legitimate
company purposes.
• Have resources available and in useful condition when they are needed by the
company.
Receive only those items ordered, and receive all the items ordered.
• Control and safeguard items received so they are not lost, stolen, or damaged.
• Pay only for items actually received and pay in a timely manner to the appropriate
party.
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