Which financial statement is directly affected by uncleared GRIR balances?, A. Statement of Cash Flows, C. Statement of Financial Position, B. Statement of Profit & Loss, D. Statement of Changes in Equity, During Invoice Receipt posting, which accounting entry is correct?, A. Dr GRIR Cr Vendor, C. Dr Inventory Cr GRIR, B. Dr Inventory Cr Vendor, D. Dr GRIR Cr Inventory, What are the common reasons for aged GRIR Items?, Quantity mismatch, Price difference, Missing invoice/ goods receipt, All the above, Which document is NOT part of the three-way matching process?, Purchase Order, Supplier Invoice, Payment Voucher, Bill of Lading, How often should the GRIR account generally be reconciled?, Every five years, Monthly during financial close, Only during external audits, Never, Why is timely Goods Receipt posting important?, To reduce warehouse staffing, To increase vendor prices, To speed up customer billing, To ensure liabilities and inventory are recognised in the correct accounting period, A Goods Receipt (GR) is posted on 31 March, but the supplier invoice arrives on 5 April. What is the accounting impact at 31 March?, Inventory/expense and GRIR liability are recognised based on the GR, Supplier liability is recognised immediately, The PO value is recorded as an expense, No accounting entry is required, The GRIR account has a credit balance. What does this generally indicate?, More invoices have been posted than Goods Receipts, More Goods Receipts have been posted than invoices, Supplier has been paid twice, Inventory is overstated, Which situation creates a risk of overstated liabilities?, Invoice received before goods, Invoice paid on time, Goods received but invoice missing, PO approved late, A company places order and receives goods in December, receives the invoice in January and makes payment in February. Which month should liability be recognised?, December, January, February, None of the above

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