Absent disputed amounts and minor timing differences, the vendor's statements should reconcile to the
A) acquisition journal.
B) accounts payable master file.
C) cash disbursements amount for purchases.
D) vouchers payable amount for vendors.

Question

Quizplus · Accepted Answer

The accounts payable master file is the ledger that records all outstanding amounts owed to vendors. Therefore, the vendor's statements should reconcile to this master file. The acquisition journal records the purchase of assets or goods, but does not necessarily represent the final amounts owed to vendors. The cash disbursements and vouchers payable amounts may have minor timing differences or disputed amounts which can lead to discrepancies.

Absent Disputed Amounts and Minor Timing Differences, the Vendor's Statements