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GFEBS L251E Accounts Payable Process Overview Questions | Latest Version | 2024/2025 | Already Passed $9.72
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GFEBS L251E Accounts Payable Process Overview Questions | Latest Version | 2024/2025 | Already Passed
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GFEBS L251E Accounts Payable Process Overview Questions | Latest Version | 2024/2025 | Already Passed What document initiates the accounts payable process? The accounts payable process is initiated by receiving an invoice from a supplier or service provider. What must be verified before ...

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  • September 19, 2024
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  • 2024/2025
  • Exam (elaborations)
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GFEBS L251E Accounts Payable
Process Overview Questions | Latest
Version | 2024/2025 | Already Passed

What document initiates the accounts payable process?


✔✔ The accounts payable process is initiated by receiving an invoice from a supplier or service

provider.




What must be verified before processing an invoice for payment?


✔✔ The invoice must be verified for accuracy, ensuring it matches the purchase order and

receipt of goods or services.




Why is it important to review purchase orders in the accounts payable process?


✔✔ Reviewing purchase orders helps confirm that the invoiced items and amounts are correct

and align with what was ordered.




What does an accounts payable department do to prepare for a payment run?


✔✔ The department reviews and approves invoices, schedules payments, and ensures that all

payment documentation is complete.



1

, How does the accounts payable process handle discrepancies in invoices?


✔✔ Discrepancies are addressed by investigating the issue, correcting any errors, and obtaining

necessary approvals before proceeding with payment.




What is a payment schedule and why is it important in accounts payable?


✔✔ A payment schedule outlines when payments are due based on invoice terms and is crucial

for managing cash flow and maintaining good supplier relationships.




What is a common practice for ensuring accuracy in the accounts payable process?


✔✔ A common practice is performing a three-way match between the invoice, purchase order,

and receiving report to ensure accuracy.




How does the accounts payable process manage payment approvals?


✔✔ Payment approvals are managed through a predefined hierarchy where authorized personnel

review and approve invoices before payment.




What is the purpose of an accounts payable aging report?




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