When Approving an Invoice for Payment

question 162

Multiple Choice

When 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".
• 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:

Total Liabilities

The sum of all financial obligations or debts a company owes, including loans, accounts payable, mortgages, and any other monies due to external parties.

Total Assets

The sum of all assets owned by an entity, including both current and noncurrent assets.

Office Equipment

Assets such as computers, desks, chairs, and printers used in an office setting to facilitate operations.

Legal Services

Professional services provided by lawyers or legal practitioners to advise and represent clients in legal matters.