The overall objective of the accounts payable phase in the expenditure cycle is to:
A)Maintain the accounts payable record.
B)Pay the right people the right amount at the right time
C)Determine whether an invoice should be paid.
D)Ensure suppliers are neither overpaid nor underpaid.

Question

Quizplus · Accepted Answer

The main objective of the accounts payable phase is to ensure that the right people are paid the right amount at the right time. This involves verifying the accuracy of invoices, ensuring that proper approval and authorization procedures have been followed, and maintaining accurate records of all payments made. The ultimate goal is to manage cash flows effectively, avoiding overpayments or underpayments that can negatively impact the organization's financial performance.

The Overall Objective of the Accounts Payable Phase in the Expenditure