Within Accounts Payable, to Ensure That Each Voucher Is Submitted

question 62

Multiple Choice

Within accounts payable, to ensure that each voucher is submitted and paid only once, each invoice approved to be paid should be:

• A)Supported by a receiving report
• B)Stamped "paid" by the check signer
• C)Prenumbered and accounted for
• D)Approved for authorized purchases

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Definitions:

Markup

The percentage of the cost added to the cost price of items to cover overhead expenses and profit.

Job M

A specific task, project, or batch of work, often associated with job costing, designated by the letter 'M'.

Total Job Cost

The complete cost of a specific job, including all direct materials, direct labor, and overhead applied to that job.

Overhead Applied

The amount of overhead cost allocated to produced goods, based on a predetermined overhead rate.