One Objective of Accounts Payable Is to Authorize Payment Only

question 15

Multiple Choice

One objective of accounts payable is to authorize payment only for goods or services actually ordered and received.The best way to process supplier invoices is to use

• A)electronic funds transfer for small,occasional purchases from suppliers.
• B)a nonvoucher system.
• C)EDI for all small,occasional purchases from suppliers.
• D)a disbursement voucher system.

Acknowledge the limitations and applicability of remedies in mistaken and fraudulent situations.

Understand the principles surrounding voluntary consent in contractual agreements.

Discern the effect of value and quality mistakes on contract enforceability.

Comprehend the legal boundaries of exaggeration, seller’s talk, and their impact on fraud liability.

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Definitions:

Riley v. California

A landmark Supreme Court case that held that police must obtain a warrant to search a cell phone seized during an arrest, establishing digital data's privacy.

Smart Phone

A mobile phone offering advanced features beyond calling and messaging, including internet access, apps, and touch-screen interfaces.

Mens Rea

The legal principle referring to the mental state of knowledge, intent, or recklessness that constitutes part of a crime.

Mail Fraud Statute

refers to a law that provides federal jurisdiction for cases involving fraudulent activities that utilize the postal system as a means to commit the fraud.