Which of the following best describes a Purchase Requisition?

A Purchase Requisition is primarily defined as a request for the purchase of goods or services. This document initiates the procurement process within an organization, indicating that a specific need exists and that the requested items or services are required for operational purposes. It typically includes details such as the description of the goods or services needed, their quantity, and the budget account that will bear the costs.

Understanding the role of a Purchase Requisition is essential, as it acts as the first step in the spending chain, facilitating communication between departments and ensuring that appropriate approvals are sought before any financial commitment is made. This document is distinct from other financial documents like authorizations or receipts, which serve different purposes in the financial management and purchasing processes.