Which of the Following Is the First Step in the Procure-To-Pay

question 29

Multiple Choice

Which of the following is the first step in the procure-to-pay process?

• A) negotiate price and terms
• B) issue purchase order
• C) receive goods
• D) receive invoice
• E) settle payment

---

Definitions:

Shareholders

Shareholders are individuals or entities that legally own one or more shares of stock in a public or private corporation, giving them a claim on its assets and earnings.

Regulators

Authorities or agencies responsible for overseeing and enforcing laws within specific industries to ensure fairness, safety, and compliance.

External Auditors

Independent accountants or auditing firms that examine a company's financial statements and practices to ensure accuracy, compliance, and fairness.

Financial Statements

Consolidated documents that provide an overview of a company's financial condition, including the balance sheet, income statement, and cash flow statement.