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Tel: (612) 246-4616
OPEN ACCOUNT is a non-guaranteed payment arrangement, e.g. similar to department store credit. Goods are purchased and delivered without payment. Future payment for delivered goods is dependent on the good faith of the purchaser.
PEER REVIEW, in accounting, is a practice monitoring program in which the audit documentation of one CPA firm is periodically reviewed by independent partners of other firms to determine that it conforms to the standards of the profession.
MATERIAL REQUISITION PLANNING (MRP) entire purpose is to plan for materials that are required for a particular purpose. An MRP is usually automated using transaction codes. MRP can be done for a single material item or a multilevel plan can be run for a material within a plant. MRP creates purchase requisitions, purchase orders, or planned orders for the material. This is done on the basis of the settings selected in the transactions. To take an example, a particular material item may be procured externally, in such a case; an MRP run creates requirements for that material through the respective plant from a sales document.
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