How can you differentiate procurement for stock vs. consumption?
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How can you differentiate procurement for stock vs. consumption?
Answer
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Procurement for Stock: It means the storage of material in stock. In it, the material gets stored once it received from the seller. The quantity of stock material depends upon the demand for the material. To record all information about the stock, we maintain the master record in the system.
Procurement for Direct Consumption: When the storage of material is used or consumed once it received, it is known as procurement for direct consumption. Before ordering material for consumption, a master record is maintained within the system.
