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.

BREAKING DOWN '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.

  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. Controlling Interest

    When one shareholder or a group acting in kind holds a high enough ...
  4. Unsecured Creditor

    An individual or institution that lends money without obtaining ...
  5. Current Liabilities

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

    A contract (policy) in which an individual or entity receives ...
Related Articles
  1. Insurance

    Ancient Accounting Systems

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

    What's The Difference Between Medicare And Medicaid?

    One program is for the poor; the other is for the elderly. Learn which is which.
  3. Taxes

    10 Money-Saving Year-End Tax Tips

    Getting organized well before the deadline will curb your frustration and your tax liability.
  4. Savings

    Your Flex Spending Dollars: How to Use Them All

    Your flexible spending account is about to expire. Don't throw money away; here's how you can spend every cent (or roll it over).
  5. Retirement

    Getting Through the Medicare Part D Maze

    Having trouble sorting through your prescription drug coverage options? Try these solutions to finding the right Medicare Part D option.
  6. Professionals

    How Advisors Can Help Clients with Dementia

    Advisors may be called on to monitor and react to changes in their clients' mental acuity. Here's what to consider.
  7. Insurance

    Does an Insurance Plan Network Affect Your Health?

    So-called narrow networks have been criticized. But it's not necessarily true that they have a negative impact on the medical care you get.
  8. Stock Analysis

    Analyzing Rite Aid's Newest Campaign

    Learn why Rite Aid is targeting human resources managers with its new campaign warning of the dangers of flu season and the effects the flu has on production.
  9. Retirement

    No, Social Security Is Not Being Depleted

    There are a number of reasons why concerns over Social Security depletion have emerged, but there are ways you can prepare for it.
  10. Insurance

    Essential Health Benefits Under The Affordable Care Act

    Under the Affordable Care Act, certain preventive health services and these 10 essential health benefits are the minimum requirements for many health insurance plans.
  1. Are Flexible Spending Account (FSA) contributions tax deductible?

    The contributions you make to your Flexible Spending Account (FSA) are not tax-deductible because the accounts are funded ... Read Full Answer >>
  2. Does a Flexible Spending Account (FSA) cover Lasik?

    Flexible spending accounts (FSA) can be used to pay for qualifying LASIK procedures. LASIK is not the only laser eye surgery ... Read Full Answer >>
  3. Are Flexible Spending Account (FSA) expenses tax deductible?

    Flexible Spending Account (FSA) expenses are not tax deductible. The U.S. Internal Revenue Service (IRS) states you cannot ... Read Full Answer >>
  4. Does a Flexible Spending Account (FSA) cover acupuncture?

    A Flexible Spending Account (FSA) covers acupuncture. The Internal Revenue Service (IRS) has defined acupuncture as a qualifying ... Read Full Answer >>
  5. Do Flexible Spending Accounts (FSAs) expire?

    Flexible Spending Accounts (FSAs) do expire and are considered to be a "use it or lose it" type of plan. They are savings ... Read Full Answer >>
  6. Do flexible spending accounts (FSA) funds roll over?

    An individual can utilize an employer’s cafeteria plan of employee benefits to establish a flexible spending account (FSA). ... Read Full Answer >>

You May Also Like

Hot Definitions
  1. Turkey

    Slang for an investment that yields disappointing results or turns out worse than expected. Failed business deals, securities ...
  2. Barefoot Pilgrim

    A slang term for an unsophisticated investor who loses all of his or her wealth by trading equities in the stock market. ...
  3. Quick Ratio

    The quick ratio is an indicator of a company’s short-term liquidity. The quick ratio measures a company’s ability to meet ...
  4. Black Tuesday

    October 29, 1929, when the DJIA fell 12% - one of the largest one-day drops in stock market history. More than 16 million ...
  5. Black Monday

    October 19, 1987, when the Dow Jones Industrial Average (DJIA) lost almost 22% in a single day. That event marked the beginning ...
  6. Monetary Policy

    Monetary policy is the actions of a central bank, currency board or other regulatory committee that determine the size and ...
Trading Center