Question no : 373 MM Invoice GR/IR Clearing

TERP10 Quiz Unit 03 Procurement Cycle

Which of the following is TRUE about GR/IR clearing accounts ? 

I)       In a stocks scenario, during the goods receipt; the GR/IR account is debited.

II)      In a stocks scenario, during the invoice verification, the GR/IR account is debited.

III)    In a consumable scenario, during the goods receipt, the GR/IR accounts is credited.

IV)    In a consumable scenario, during the invoice verification, the GR/IR accounts credited.

A)     II, III.
B)      I, III.
C)     II, IV. 
D)     I, IV.
E)      III only. 
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