A Summary of the Entries in the Cash Ledger Account

question 42

Multiple Choice

A summary of the entries in the Cash ledger account of Staple Ltd for the month of January was as follows:

What were the payments to suppliers and employees of Staple Ltd?

• A) $45 000
• B) $55 000
• C) $80 000
• D) $30 000

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Definitions:

Procurement Outsourcing

The practice of hiring external organizations to manage procurement functions to save costs and improve efficiency.

Source-to-Contract

Encompasses the entire procurement process from identifying potential suppliers to negotiating and finalizing contracts with chosen suppliers.

Procure-to-Pay

An end-to-end process in the procurement function that starts with sourcing and ends with payment for the procured goods or services.

Insourcing

The practice of conducting business processes or services internally rather than outsourcing them to third-party firms.