Which of the Following Statements Describes an Invoice from a Supplier

question 8

Multiple Choice

Which of the following statements describes an invoice from a supplier?

• A) It is an order to purchase goods from a supplier.
• B) It is a statement from the supplier showing the goods purchased and the amount due.
• C) It is a report showing that the goods have been received in good condition, as ordered.
• D) It is a document authorizing a payment to a supplier.

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Definitions:

Excess Reserves

The capital reserves held by a bank or financial institution in excess of what is required by regulators, laws, or internal controls.

Discount Rate

The interest rate charged to commercial banks and other depository institutions for loans received from the Federal Reserve's discount window.

Minting Coins

The process of manufacturing coins as a form of currency, typically by a government or authorized agency.

Interest Payments

Cash outflows from borrowers to lenders as compensation for the use of borrowed money.