After Approving an Invoice for Payment

question 85

Multiple Choice

After approving an invoice for payment:

• A)the receiving department should examine the payment packet to make sure all the documents agree.
• B)after payment,the payment packet should be stamped "paid" by the person in the treasurer's department who has authorized the disbursement.
• C)checks should be returned to the department who prepared them for mailing.
• D)the person who ordered the goods should examine the payment package to make sure all the documents agree.

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Definitions:

Income Taxes Payable

The amount of income taxes that a company owes to the government, but has not yet paid, at a point in time.

Change

An alteration, modification, or transformation in something, often referring to procedures, products, or methodologies.

Free Cash Flow

The amount of cash generated by a business after accounting for capital expenditures (like buildings or machinery), essential for assessing the company's capacity to generate profit.

Issues Common Stock

The process by which a corporation sells new shares of its common stock to investors, thereby raising capital.