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.

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Definitions:

Self-Control Problem

The difficulty individuals face in resisting temptation or immediate gratification to achieve long-term goals.

Precommitment

The action of committing oneself to a course of action or decision before facing circumstances that might make that course of action more difficult.

Time Inconsistency

The tendency of people to change their plans about future actions because of a preference for immediate gratification over future benefits, leading to conflicts between long-term goals and short-term desires.

Running Partner

A companion or fellow athlete who runs alongside another person to provide motivation, pacing, or company.