What Steps Are Involved in the Accounting Portion of the Procurement

question 7

Multiple Choice

What steps are involved in the accounting portion of the procurement process?

• A)Receiving the materials and the invoice
• B)Creating the purchase requisition and sending payment
• C)Creating and sending the purchase order
• D)Creating the purchase requisition and receiving the materials
• E)Receiving the invoice and sending payment

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Definitions:

Discount Account

An account used in bookkeeping to record reductions in the list price of something, such as merchandise sold or loans issued.

Bonds Payable

Long-term debt instruments issued by a company to raise capital, with a promise to pay back the principal along with interest on specified dates.

Balance Sheet

A financial statement that summarizes a company's assets, liabilities, and shareholders' equity at a specific point in time, giving a snapshot of its financial condition.

Unearned Liability

A liability on the balance sheet representing revenues received but not yet earned, typically because the service or good has not yet been delivered.