The proper recognition of accounts payable liabilities are crucial to ensure fair statement of the ending accounts payable balance.What documents are required to adequately support accounts payable?
A)receiving reports and bill of lading documents that indicate dates shipped
B)bill of lading documents matched to the internal purchase requisition
C)purchase requisition (authorized)matched with the purchase order to the vendor
D)vendor invoices matched to receiving reports and authorized purchase documents

Question

Quizplus · Accepted Answer

Vendor invoices matched to receiving reports and authorized purchase documents is the most crucial document to support accounts payable. It indicates that the goods or services have been received and accepted, and the corresponding purchase requisition and purchase order were authorized. Receiving reports and bill of lading documents that indicate dates shipped and bill of lading documents matched to the internal purchase requisition are also relevant in verifying the accuracy of the invoice, but they do not provide as comprehensive information as vendor invoices.

The Proper Recognition of Accounts Payable Liabilities Are Crucial to Ensure