An Organization Must Have a Regular Schedule for Making Payments

question 30

Multiple Choice

An organization must have a regular schedule for making payments of invoices. Which are criteria for selection of invoices for payment?

• A) Select all invoices coming due on or before a specified date
• B) Select all invoices with a specified vendor
• C) All of the above
• D) None of the above

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Definitions:

Accounts Receivable

Amounts owed to a company by its customers for goods or services delivered or used but not yet paid for.

Probability

The measure of the likelihood that an event will occur, expressed as a number between 0 and 1.

Advances

Payments or funds given ahead of a normal schedule or before the receipt of goods or completion of services.

Employees

Individuals who are hired by a business to perform tasks in exchange for wages, benefits, or salaries.