Before Sending the Check for Payment of Goods,the Controller Should

question 49

Essay

Before sending the check for payment of goods,the controller should examine the payment pack.List the documents that are included in the payment pack and describe the information provided by each document.

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Definitions:

Compounded Semi-annually

A method of calculating interest in which the interest is added to the principal sum twice a year.

Savings

Money that is set aside or stored for future use or emergencies, rather than spent immediately.

Invested

The act of allocating money or capital to an endeavor with the expectation of obtaining an additional income or profit.

Annuity

An annuity is a financial product that pays out a fixed stream of payments to an individual, typically used as an income stream for retirees.