Which of the following best describes the 3-step goods receipt process?

The correct description of the 3-step goods receipt process is focused on the specific actions taken to ensure that the goods delivered meet the requirements and expectations of the ordering entity. The identified steps—Delivery, Goods Receipt Entry, and Goods Acceptance Entry—highlight the critical phases involved in receiving goods.

In this process, delivery marks the physical arrival of the goods at the receiving location. Following delivery, Goods Receipt Entry involves documenting the receipt of these goods in the system, which includes confirming that they have arrived in the expected quantity and condition. Finally, Goods Acceptance Entry represents the formal acceptance of the goods into inventory, ensuring that they meet quality and specification requirements before they are accounted for in organizational records.

This structured approach ensures that the organization effectively tracks and manages its inventory, thereby maintaining accurate records for financial and operational purposes. The emphasis on proper documentation and acceptance is crucial in ensuring compliance with regulations and standards within procurement practices.