What is pr ? why it is prepared and what is its purpose ?
who is responsible for preparing it ? And on any fault in
it who is liable ? And what will happen if fault comes ?And
What are major reasons of fault ?
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Answer / Sheena Vyas
PR stands for Purchase Requisition. It is prepared by the department that requires goods or services to request purchase from stores or external vendors. The purchasing department is responsible for preparing it. If there are any errors, the liable party depends on the nature and extent of the fault. If the error results in financial loss or misstatement, the accounting department might be held accountable. Common reasons for faults include improper data entry, lack of authorization, incorrect valuation, and incomplete requisition.
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