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Discuss Why the Buyer-Vendor Relationship Is the Most Critical Point

question 94

Essay

Discuss why the buyer-vendor relationship is the most critical point of control in the procurement business process,and describe two procedures that can improve control in the buyer-vendor relationship.


Definitions:

General Journal

The most basic form of journal.

Subsidiary Ledger

A Subsidiary Ledger is a set of accounts that provides detailed information to support a general ledger account, such as detailed customer or vendor transactions supporting the accounts receivable or payable balances.

Electronic Accounting Systems

Digital systems that manage and process financial transactions and accounting tasks through specialized software.

Manual Accounting Systems

Traditional systems of accounting that use physical ledgers and books to record financial transactions manually.

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