Question

The final step in the typical purchasing cycle for materials is to audit the invoice.

a) True
b) False

Answer 1

The final step in the typical purchasing cycle for materials is to audit the invoice. This involves verifying the accuracy of the invoice against relevant documents and ensuring that the details match the goods received.

Step-by-step explanation:

The final step in the typical purchasing cycle for materials is to audit the invoice. This step involves verifying the accuracy of the invoice against the purchase order, receiving report, and any other relevant documents. It ensures that the quantity, price, and other details on the invoice match the actual goods received. Auditing the invoice helps to prevent errors, identify discrepancies, and maintain financial control.