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Purchasing is an important function of cost accounting and materials management, as it directly affects cost control, efficiency, and profitability. Centralized purchasing and decentralized purchasing are two different approaches used by organizations to procure materials, supplies, and services. Centralized purchasing refers to a system in which all purchasing activities of an organization are handled by a single department located at the head office or central level. In this system, one specialized purchasing department is responsible for selecting suppliers, negotiating prices, placing orders, and controlling procurement for all branches or departments. This method ensures uniformity in purchasing policies, __________ __________ _______ _________ ___ __________ _________.
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