When a Check Has Been Cut for Payment to a Vendor,the

question 63

Multiple Choice

When a check has been cut for payment to a vendor,the underlying documentation and the check should be sent to which of the following for signature and cancellation?

• A)controller
• B)receptionist
• C)treasurer
• D)accounts payable supervisor

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Definitions:

Auctioneer

A person who conducts sales at auctions by accepting bids and declaring goods sold.

Highest Bid

The highest price offered by a bidder at an auction or in a competitive bidding process.

Firm Offer

A rule that no consideration is necessary when a merchant agrees in writing to hold an offer open for the sale of goods.

Consideration

The value (such as money, a promise, or an act) exchanged between parties in a contract.