Requisition

AAA

DEFINITION of 'Requisition'

A formal request. Shareholders can issue a requisition notice to a company requiring it to put resolutions to a vote. In business, one department of a company might submit a requisition to the purchasing department for supplies it wants to order. In healthcare, a doctor might issue a requisition for a laboratory test to be performed on a patient to ensure that the patient or his insurance will be responsible for paying for the test.

INVESTOPEDIA EXPLAINS 'Requisition'

In a purchase requisition, an employee would submit a requisition form containing information such as the date of the request, the department submitting the request, the person submitting the request, the items requested and the location where the order, if approved, should be delivered. If approved, the purchase order, packing slip and invoice may be attached to the purchase requisition for recordkeeping purposes.



RELATED TERMS
  1. Shareholder

    Any person, company or other institution that owns at least one ...
  2. Creditor

    An entity (person or institution) that extends credit by giving ...
  3. Current Liabilities

    A company's debts or obligations that are due within one year. ...
  4. Insurance

    A contract (policy) in which an individual or entity receives ...
  5. Unsecured Creditor

    An individual or institution that lends money without obtaining ...
  6. Accounts Payable - AP

    An accounting entry that represents an entity's obligation to ...
RELATED FAQS
  1. No results found.
Related Articles
  1. Insurance

    Ancient Accounting Systems

    Learn how accounting evolved to keep records of increasingly complex transactions and civilizations.
  2. Budgeting

    4 Secrets You Should Know When Buying Groceries

    With a little foresight, every consumer can find ways to eat healthier without spending much money.
  3. Budgeting

    Ready To Save Money While Eating Healthy?

    These six cheap and nutritious foods are a perfect way to deal with rising grocery prices while staying healthy.
  4. Insurance

    Choosing A Health Plan For Your Chronic Illness

    Thanks to the Affordable Care Act, you can no longer be denied health insurance for having a pre-existing or chronic medical condition.
  5. Savings

    Are Financial Worries Affecting Your Work?

    Financial worries can make employees less productive at work. As a result, the employee was no longer producing quality work and they might get fired.
  6. Retirement

    5 Key Factors Your Financial Plan May Not Address

    When the size of your IRAs and 401(K)s inputs a bunch of figures, out comes the verdict, and either: You're guilty of not saving enough, or you're innocent
  7. Retirement

    Is Retirement Good For You Or Bad For You?

    A neighbor wakes up before 6 a.m. each morning, gets dressed, skulks outside and some days begins looking for parked vehicles of neighbors he doesn't like.
  8. Economics

    Ebola's Economic Impacts on Liberia, Sierra Leone and Guinea

    A summary analysis of projections of how the Ebola outbreak will affect the economies of Liberia, Sierra Leone and Guinea.
  9. Insurance

    How the Affordable Care Act Changed Insurance

    6 Ways Obamacare Impacts the Health Insurance Marketplace
  10. Home & Auto

    Health Insurance: Paying For Pre-Existing Conditions

    If you bring a pre-existing condition to a new insurer, you may find yourself without coverage.

You May Also Like

Hot Definitions
  1. Prepaid Expense

    A type of asset that arises on a balance sheet as a result of business making payments for goods and services to be received ...
  2. Gordon Growth Model

    A model for determining the intrinsic value of a stock, based on a future series of dividends that grow at a constant rate. ...
  3. Cost Accounting

    A type of accounting process that aims to capture a company's costs of production by assessing the input costs of each step ...
  4. Law Of Supply

    A microeconomic law stating that, all other factors being equal, as the price of a good or service increases, the quantity ...
  5. Investment Grade

    A rating that indicates that a municipal or corporate bond has a relatively low risk of default. Bond rating firms, such ...
  6. Fringe Benefits

    A collection of various benefits provided by an employer, which are exempt from taxation as long as certain conditions are ...
Trading Center