For the purchasing firm the processing of purchases and payment transactions requires all of the following functions except:
A) requisitioning goods and services.
B) preparing purchase invoices.
C) preparing the cheque requisition.
D) All of the above functions are required.

Question

Quizplus · Accepted Answer

The purchasing firm does not need to prepare purchase invoices, as these are generated by the supplier. However, the firm does need to verify and approve the invoices before payment. The other functions mentioned (requisitioning goods and services and preparing the cheque requisition) are necessary for processing purchases and payments.

For the Purchasing Firm the Processing of Purchases and Payment