Asked by Betsy Jaramillo on May 12, 2024
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Accounts payable:
A) may be part of the supply department to ensure on-time payment to suppliers and to reduce transaction costs.
B) should always be separate from purchasing as a good business practice.
C) is legally prohibited from reporting to supply by federal regulations.
D) cannot report to supply because of Generally Accepted Accounting Practices (GAAP) Rule #462.
E) may legally report to supply,but it may convey the perception of conflict of interest to suppliers.
Accounts Payable
The amount of money that a company owes to its suppliers or creditors for goods and services received.
Transaction Costs
Expenses incurred during the process of buying or selling goods and services, which can include fees, taxes, and other related costs.
Generally Accepted Accounting Practices (GAAP)
A collection of commonly followed accounting rules and standards for financial reporting.
- Grasp the procedural elements of logistics activities, including the handling, shipment, and storage of materials.
Verified Answer
Learning Objectives
- Grasp the procedural elements of logistics activities, including the handling, shipment, and storage of materials.
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