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:

Basic Business Transactions

Fundamental economic exchanges that occur in business, such as buying, selling, and trading goods or services, which constitute the core activities of any commercial entity.

Data Collection

The process of gathering and measuring information on targeted variables in an established systematic fashion, enabling one to answer relevant questions and evaluate outcomes.

DBS

May refer to Database Systems, which are software applications designed to manage, manipulate, and query structured data stored in databases.

Knowledge Worker

An individual whose main capital is knowledge, typically engaged in the task of solving complex problems, generating ideas, or developing new information or products.