What is the purpose of the suppliers invoice?
The suppliers invoice triggers the three-way match and the AP recognition process. During the course of the transaction, the AP department has received and temporarily filed copies of the PO and receiving report. The organization has received inventories from the vendor and has realized an obligation to pay for them. The firm has not, however, received the supplier's invoice which contains financial information needed to record the transaction. The firm will thus defer recording (recognizing) the liability until the invoice arrives.
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a. True b. False Indicate whether the statement is true or false
________ processing is a philosophy that focuses on reducing time and cost and eliminating poor quality
a. Cost b. Work in process c. Just-in-time d. Continuous
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a. 12
b. 13
c. 14
d. 15