Question

The accounts payable department usually has responsibility for verifying the propriety of acquisitions by comparing the details on the:

1) Purchase orders
2) Invoices
3) Receiving reports
4) All of the above

Answer 1

The accounts payable department is responsible for verifying acquisitions by comparing purchase orders, invoices, and receiving reports to prevent errors such as overpayments. This ensures the accuracy of financial transactions and compliance with regulations.

Step-by-step explanation:

The accounts payable department typically has the responsibility to verify the accuracy and propriety of acquisitions. This is done by comparing the details on the purchase orders, invoices, and receiving reports to ensure that there are no discrepancies such as overpayments or incorrect charges. For example, if someone in the department, like Noel in the scenario provided, notices a discrepancy such as an overpayment on an equipment bill, it is imperative to contact the accounting department or take necessary actions to halt the payment and rectify the error. In the case of public accounting, the comptroller of public accounts would oversee these kinds of transactions, maintaining accurate records and ensuring state revenues and expenditures are managed according to regulations. The comptroller's duties are an example of the type of oversight and verification that might occur in a large-scale setting.