The Correct Label for Shape 3 in the Flowchart Below

question 86

Multiple Choice

The correct label for Shape 3 in the flowchart below is

• A)Purchase Order 1.
• B)Purchase Requisition 1.
• C)Receiving Report 1.
• D)4)

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Definitions:

Retained Earnings

The portion of net earnings not distributed to shareholders as dividends but retained by the company to be reinvested in its core business or to pay debt.

Accounts Payable

Money owed by a company to its creditors or suppliers for goods and services that have been received but not yet paid for.

Debit Entry

An accounting entry that increases an asset or expense account, or decreases a liability, equity, or revenue account.

Credit Entry

An accounting entry that increases a liability or equity account or decreases an asset or expense account.