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. What country spends the most on healthcare?

    The United States currently ranks highest in health care spending. Of the countries spending the most on health care, the ... Read Full Answer >>
  2. How did Johnson and Johnson's corporate responsibility policy pay off in 1982?

    In late September, 1982, Johnson & Johnson recalled all of its Tylenol products after seven people in the Chicago area ... Read Full Answer >>
  3. What are the requirements to be able to contribute to an HSA?

    Health Savings Accounts (HSA) can be used by individuals covered by a high-deductible health plan to save for health care ... Read Full Answer >>
  4. How do I know if I qualify to open a HSA (Health Savings Account)?

    The Health Savings Account (HSA) was established as part of the Medicare Prescription Drug, Improvement, and Modernization ... Read Full Answer >>
  5. When is the best time to purchase long-term care insurance?

    Long-term care insurance (LTCI) covers the risk that individuals may need medical and custodial care, either at home or ... Read Full Answer >>
  6. Will Medicare pay for long-term costs?

    Long-term care refers to a variety of care services (medical and non-medical) that helps meet the needs of people who have ... Read Full Answer >>
Related Articles
  1. Insurance

    Ancient Accounting Systems

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

    cities with best healthcare system

    A starting guide to figuring out where the best care is when the diagnosis is a scary one.
  3. Investing News

    Profit and Cost Centers in the Wellness Industry

    Fitness, mind and body exercise and healthy eating are driving the wellness industry's growth in revenue, making wellness the next industry expected to cross the trillion-dollar threshold.
  4. Economics

    Are the Busiest U.S. Retailers Good Investments?

    Do the country's top three retailers in terms of traffic present good investments?
  5. Economics

    How Big Data Has Changed Insurance

    No longer confined to technology, big data has become integral to providing solutions to the insurance industry's long standing challenges.
  6. Professionals

    Tips for Addressing a Client's Mental State

    Advisors and therapists need to recognize their limitations when it comes to dealing with clients and patients on matters that straddle both arenas.
  7. Professionals

    How to Convince Savers to Put More into HSAs

    HSAs represent a fourth leg on the retirement planning stool. Here's what employees and employers need to know.
  8. Economics

    How Big Data Has Changed Healthcare

    Like many other industries, healthcare has adapted to data analytics not only for its financial returns but also improving patient’s quality of life.
  9. Professionals

    Tips for Retiring Without Long Term Care Insurance

    Long term care insurance is as pricey as it is important. Here are tips for how to manage retirement and meet healthcare costs without a policy.
  10. Personal Finance

    The Economic Cost Of An Obese Society

    Slowly becoming a global health epidemic, the prevalence of obesity has risen drastically over the past two decades.

You May Also Like

Hot Definitions
  1. National Currency

    The currency or legal tender issued by a nation's central bank or monetary authority. The national currency of a nation is ...
  2. Treasury Yield

    The return on investment, expressed as a percentage, on the debt obligations of the U.S. government. Treasuries are considered ...
  3. Bund

    A bond issued by Germany's federal government, or the German word for "bond." Bunds are the German equivalent of U.S. Treasury ...
  4. European Central Bank - ECB

    The central bank responsible for the monetary system of the European Union (EU) and the euro currency. The bank was formed ...
  5. Quantitative Easing

    An unconventional monetary policy in which a central bank purchases private sector financial assets in order to lower interest ...
  6. Current Account Deficit

    A measurement of a country’s trade in which the value of goods and services it imports exceeds the value of goods and services ...
Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!