Final answer:
In the procurement cycle, the correct sequence of documents includes a Purchase Requisition at the beginning, followed by a Request for Quote (RFQ), and a Goods Receipt Note (GRN) upon delivery of goods.
Step-by-step explanation:
The procurement cycle involves several key documents at different stages. These documents serve to formalize the various stages of obtaining goods or services from external suppliers. To understand which of the following correctly identifies documents used in each step of the procurement cycle, we should look at the common sequence of these documents:
- A Purchase Requisition is typically the initial document, signaling a company's internal request for goods or services.
- Next comes the Request for Quote (RFQ) or Request for Proposal (RFP), which are sent to potential suppliers asking them to provide a quotation for the required goods or services.
- Once a supplier is chosen, the Purchase Order is issued by the buyer to the supplier with the terms of the order.
- Upon delivery, a Goods Receipt Note (GRN) is often prepared to acknowledge the receipt of the goods.
- Finally, the supplier issues an Invoice for the delivered goods or services, which is used by the buyer to process payment.
Based on these steps, the correct answer to the question would be Option C: Purchase Requisition, Request for Quote (RFQ), Goods Receipt Note (GRN).