Which G/L accounts are impacted by the goods receipt step of the procurement process?
A)Accounts payable
B)Goods receipt / invoice receipt account
C)Inventory account
D)Vendor account
E)Band account

Question

Quizplus · Accepted Answer

During the goods receipt step of the procurement process, the inventory account gets debited as the goods are received into the inventory, and the goods receipt/invoice receipt account gets credited as a liability is created for the payment to the vendor. The accounts payable account is impacted when the invoice is received and processed, the vendor account is impacted when the payment is made, and there is no such account as a "band account" in the procurement process.

Which G/L Accounts Are Impacted by the Goods Receipt Step