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GFEBS Questions and Answers | Latest Update | 2024/2025 | Graded A+
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GFEBS Questions and Answers | Latest Update | 2024/2025 | Graded A+ What is the main purpose of accounts payable in a financial system? The main purpose is to manage and process the payments owed by the organization to its vendors and suppliers. How does an accounts payable system typical...

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  • September 19, 2024
  • 8
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • gfebs questions and answers latest update 2024

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GFEBS Questions and Answers | Latest
Update | 2024/2025 | Graded A+

What is the main purpose of accounts payable in a financial system?


✔✔ The main purpose is to manage and process the payments owed by the organization to its

vendors and suppliers.




How does an accounts payable system typically handle invoice processing?


✔✔ It handles invoice processing by receiving, verifying, and recording invoices before

scheduling and executing payments.




What is the importance of maintaining accurate records in accounts payable?


✔✔ Accurate records are crucial for ensuring timely payments, tracking expenses, and preparing

financial reports.




How are discrepancies between purchase orders and invoices typically resolved in accounts

payable?


✔✔ Discrepancies are resolved by reviewing and reconciling the purchase orders, invoices, and

delivery receipts to ensure consistency.



1

, What role does the approval workflow play in the accounts payable process?


✔✔ The approval workflow ensures that invoices are reviewed and authorized by the appropriate

personnel before payment is made.




What is the purpose of reconciling accounts payable with general ledger accounts?


✔✔ The purpose is to ensure that the recorded liabilities in accounts payable match the general

ledger balances for accurate financial reporting.




How does an accounts payable system handle early payment discounts?


✔✔ It tracks and applies early payment discounts by ensuring that payments are made within the

discount period to save on costs.




What is a typical step in the accounts payable process for managing vendor relationships?


✔✔ A typical step is maintaining up-to-date contact information and payment terms for each

vendor to facilitate smooth transactions.




How does automation benefit the accounts payable process?




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