1) You created a GR/IR account in this exercise. For what is GR/IR the abbreviation? As discussed in the SAP Chapter 5 text, explain why the theoretical balance of this account should be zero. Provide support by referring to the two previous MM exercises involving a GR/IR account.
2) As discussed in the SAP Chapter 5 text, what are the two timing differences that may result in the GR/IR account having a temporary balance? Is an adjustment necessary for any kind of misstatement to the general ledger on an overall basis? Explain.