Which of the Following Items Is NOT Required to Be

question 65

Multiple Choice

Which of the following items is NOT required to be examined by the controller or treasurer before signing a cheque?

• A)The receiving report
• B)The purchase order
• C)The journal entry
• D)The invoice

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Definitions:

Notes Receivable

Written promises for amounts to be received by a company, usually including interest, classified as an asset on the balance sheet.

Accounts Receivable

Amounts owed to a company by customers for goods or services delivered or used but not yet paid for.

Current Liability

Financial obligations that a company is required to pay within one year or within its operating cycle, whichever is longer.

Current Asset

An asset that is expected to be converted into cash, sold, or consumed within one year or within the business's normal operating cycle if longer than a year.