Knowee
Questions
Features
Study Tools

The financial value of a purchase is determined by reviewing theSelect one:a.packing slipb.receiving reportc.supplier's invoiced.purchase requisition

Question

The financial value of a purchase is determined by reviewing the

Select one:

  • a. packing slip
  • b. receiving report
  • c. supplier's invoice
  • d. purchase requisition
🧐 Not the exact question you are looking for?Go ask a question

Solution

The financial value of a purchase is determined by reviewing the supplier's invoice. This document contains the details of the goods or services provided by the supplier, including the quantities, descriptions, and prices of the items. Here are the steps:

  1. Obtain the supplier's invoice: This is usually sent by the supplier after the goods or services have been delivered. It contains the details of the purchase, including the price of each item.

  2. Review the details: Check the quantities, descriptions, and prices of the items on the invoice. Make sure they match what was ordered and received.

  3. Calculate the total cost: Add up the cost of all the items on the invoice. This gives you the total financial value of the purchase.

  4. Verify the invoice: Compare the details on the invoice with the purchase order and the receiving report. If there are any discrepancies, contact the supplier to resolve them.

  5. Record the invoice: Once the invoice has been verified, it should be recorded in the company's financial system. This ensures that the purchase is accounted for correctly.

So, the correct answer is c. supplier's invoice.

This problem has been solved

Similar Questions

.While calculating purchase consideration ............... values of assets is to be considered.

A document to support the buyer's return of defective merchandise.Select one:a.Debit Memorandumb.Merchandisingc.Cost of Goods manufacturedd.Income Statement

he journal entry to record the purchase on account of $950 of merchandise with freight of $45 prepaid by their supplier and added to the invoice is:

. These are things of value owned by the business and can be liquidated into monetary values1 puntoReceivablesAssetsLiabilitiesCapital

An accountant is required to make choices in measuring the value of:development expenditureall of the options listedinventoryproperty, plant, and equipment

1/2

Upgrade your grade with Knowee

Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.