New World ERP - FM - Purchase Orders
Congratulations on completing Purchase Order training! Now that you've been introduced to basic Purchase Order processing, you should be able to pass with 80% or better accuracy.
Good luck!
- 1.
What is required to post a purchase order?
- A.
The purchase order has been validated.
- B.
All required approvals have been given.
- C.
The purchase order has been printed.
- D.
All of the above.
Correct Answer
D. All of the above.Explanation
To post a purchase order, all of the mentioned criteria must be met. Firstly, the purchase order needs to be validated to ensure its accuracy and completeness. Additionally, all necessary approvals must be obtained to ensure that the purchase is authorized. Lastly, the purchase order should be printed as a physical record of the transaction. Therefore, all of the mentioned conditions are required to successfully post a purchase order.Rate this question:
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- 2.
To enter a new purchase order, the proper navigations is:
- A.
Financial Management > Procurement > Purchasing > Purchase Orders.
- B.
Financial Management > Inquiries > Requisitions.
- C.
Financial Management > Reports > Purchasing > Requisition Report.
- D.
Financial Management > Inquiries > Vendors.
Correct Answer
A. Financial Management > Procurement > Purchasing > Purchase Orders.Explanation
To enter a new purchase order, the proper navigation is "Financial Management > Procurement > Purchasing > Purchase Orders." This option specifically mentions the process of entering a new purchase order, which is the desired action. The other options, such as "Inquiries > Requisitions" and "Reports > Purchasing > Requisition Report," do not directly relate to entering a new purchase order. "Inquiries > Vendors" may provide information about vendors, but it does not involve the process of entering a new purchase order.Rate this question:
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- 3.
How can multiple General Ledger accounts be attached to a single item on a purchase order?
- A.
By creating multiple purchase orders.
- B.
By creating multiple items on the purchase order and assign a different G/L account to each of them.
- C.
By using the Multiple G/L Account Distribution icon next to the GL Account field in Purchase Order entry.
- D.
All of the above.
Correct Answer
C. By using the Multiple G/L Account Distribution icon next to the GL Account field in Purchase Order entry.Explanation
Multiple General Ledger accounts can be attached to a single item on a purchase order by using the Multiple G/L Account Distribution icon next to the GL Account field in Purchase Order entry. This feature allows for the allocation of different G/L accounts to different portions of the purchase order, providing more accurate tracking and reporting of expenses. By utilizing this icon, users can easily assign multiple G/L accounts to a single item, ensuring proper accounting and financial management.Rate this question:
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- 4.
What is the correct path for inquiring on a purchase order related to a specific requisition?
- A.
Financial Management > Purchase Orders > Purchase Order Inquiry > Advanced Search.
- B.
Financial Management > Reports > Requisition Report.
- C.
Financial Management > Inquiries > Requisitions > Locate Requisition > Detail > PO Icon.
- D.
Any of the above.
Correct Answer
D. Any of the above.Explanation
The correct answer is "Any of the above" because all three options mentioned provide a valid path for inquiring on a purchase order related to a specific requisition. The first option directs the user to the Purchase Order Inquiry section under Financial Management, where they can perform an advanced search. The second option suggests accessing the Requisition Report under Reports in Financial Management. The third option guides the user to the Requisitions section under Inquiries, where they can locate the requisition and access the PO Icon for more details. Therefore, any of these paths can be used to inquire on a purchase order related to a specific requisition.Rate this question:
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- 5.
Which path will lead to the location of approvers for a particular purchase order?
- A.
Financial Management > Inquiries > Requisition Inquiry > Access the Requisition > Select Approvals.
- B.
Financial Management > Inquiries > Purchase Order Inquiry > Access Purchase Order > Select Approvals.
- C.
Financial Management > Reports > Purchasing > Purchase Orders by G/L Distribution Report.
- D.
All of the above.
Correct Answer
B. Financial Management > Inquiries > Purchase Order Inquiry > Access Purchase Order > Select Approvals.Explanation
The correct answer is "Financial Management > Inquiries > Purchase Order Inquiry > Access Purchase Order > Select Approvals." This path will lead to the location of approvers for a particular purchase order. The other options mentioned do not specifically mention accessing the approvals for a purchase order.Rate this question:
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- 6.
How can the existing requisitions and purchase orders associated with a specific vendor be located?
- A.
Financial Management > Inquiries > Requisitions > Select the Advanced Search Icon > Input the Vendor.
- B.
Financial Management > Inquiries > Vendors > Locate the Vendor. All Purchase Orders and Requisitions can be seen for the vendor by clicking on the Requisition or Purchase Order icons beneath the Vendor Name.
- C.
Financial Management > Reports > Purchasing > Purchase Order Report.
- D.
Both A & B.
Correct Answer
D. Both A & B.Explanation
Both options A and B provide ways to locate existing requisitions and purchase orders associated with a specific vendor. Option A suggests going to Financial Management > Inquiries > Requisitions and using the Advanced Search Icon to input the vendor's information. Option B suggests going to Financial Management > Inquiries > Vendors and locating the specific vendor. By clicking on the Requisition or Purchase Order icons beneath the Vendor Name, all purchase orders and requisitions for that vendor can be seen. Therefore, both options A and B are correct ways to locate the existing requisitions and purchase orders associated with a specific vendor.Rate this question:
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- 7.
Which page in new world ERP will allow for the completion of a purchase order if is it not going to be closed through accounts payable?
- A.
Financial Management > Procurement > Purchasing > Purchase Orders.
- B.
Financial Management > Procurement > Purchasing > Department Approved Requisitions.
- C.
Financial Management > Procurement > Purchasing > Change Purchase Orders.
- D.
The Balance Sheet.
Correct Answer
C. Financial Management > Procurement > Purchasing > Change Purchase Orders.Explanation
The correct answer is "Financial Management > Procurement > Purchasing > Change Purchase Orders." This page allows for the completion of a purchase order if it is not going to be closed through accounts payable. It provides the option to make changes to the purchase order, such as updating quantities or adding/removing items, without involving the accounts payable department.Rate this question:
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- 8.
Can a project be assigned to a purchase order?
- A.
Yes, a project can always be assigned if the general ledger account entered for the purchase order or requisitions allows for Projects.
- B.
No, a project cannot be assigned until the requisition becomes a purchase order.
- C.
No, projects cannot be assigned until the invoice is received.
- D.
All of the above.
Correct Answer
A. Yes, a project can always be assigned if the general ledger account entered for the purchase order or requisitions allows for Projects.Explanation
A project can be assigned to a purchase order if the general ledger account entered for the purchase order or requisitions allows for projects. This means that if the purchase order or requisition is associated with a specific project, it can be assigned to that project. The availability of this option is dependent on the general ledger account settings.Rate this question:
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- 9.
How is the amount of a purchase order item calculated?
- A.
(Quantity) x (Unit of Measure)
- B.
(Quantity) x (Price Per Unit)
- C.
Price Per Unit only, quantity is not used
- D.
None of the above.
Correct Answer
B. (Quantity) x (Price Per Unit)Explanation
The amount of a purchase order item is calculated by multiplying the quantity of the item by the price per unit. This calculation gives the total cost of the purchase order item.Rate this question:
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- 10.
A purchase order can be posted before it is printed and sent to myReports.
- A.
True.
- B.
False.
Correct Answer
B. False.Explanation
A purchase order cannot be posted before it is printed and sent to myReports. The process typically involves generating the purchase order, printing it, and then sending it to myReports for further processing. Therefore, the correct answer is false.Rate this question:
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