ACCT 431 The way purchase orders and invoices are handled
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ACCT 431 The way purchase orders and invoices are handled
Please help me with this three question from ACCT 4310
1. Note that all the questions are based on 24-Seven’s contemplated system.
The way purchase orders and invoices are handled:
Question options:
| Ensures that inventory items paid for were received | ||||||||||||||||||||
| Ensures that financial statements include all payables | ||||||||||||||||||||
| Allows payment for inventory items not received | ||||||||||||||||||||
| Allows payment for invoices that are suspended | ||||||||||||||||||||
| Hide Feedback | ||||||||||||||||||||
| Although 24-Seven creates receiving reports for deliveries from vendors (except those from route drivers, who write their own delivery tickets), they are not matched with purchase orders and invoices, which means that invoices for incomplete orders would be paid for as if the orders were complete, which means that payment would be allowed for inventory items not received.
2. 24-Seven’s approach to minimizing the likelihood of stockouts in stores is: Question options:
3. The most likely way for store managers and souvenir vendors to collude for personal gain would be through: Question options:
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