What general ledger accounts receive postings when performing the goods receipt? Note: There are 2 correct answers to this question

The correct answer is C. Consumption account D. GR/IR account. During the goods receipt process, the general ledger accounts that receive postings include: Consumption account (C): When goods are received for consumption (e.g., for a cost center, project, or order), the consumption account is debited to reflect the increase in expenses…

Procurement

Question

Options

AVendor reconciliation account
BTax Account
CConsumption account
DGR/IR account

How the community answered

(27 responses)

A
7% (2)
B
15% (4)
C
78% (21)

Explanation

During the goods receipt process, the general ledger accounts that receive postings include: Consumption account (C): When goods are received for consumption (e.g., for a cost center, project, or order), the consumption account is debited to reflect the increase in expenses related to the consumed materials. GR/IR account (D): The Goods Receipt/Invoice Receipt (GR/IR) account is a temporary account used in the procurement process. It is credited during the goods receipt to record the obligation to pay the supplier, balancing the entry in the consumption account or asset account.

Topics

#goods receipt#GR/IR account#consumption account#inventory posting

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