Final answer:
The correct sequence of the purchase-to-pay process is requirements determination, purchase order processing, goods receipt, invoice verification, payment processing. A check is used as written authorization for a payment, and the money is transferred through bank processing. An overdraft is when there are insufficient funds in the account to cover the check amount.
Step-by-step explanation:
This sequence begins with determining what requirements are needed for the business, followed by creating and sending a purchase order to the supplier. Once goods are received, the next step is to verify that the invoice matches the purchase order and the delivered goods. Finally, the payment process is conducted, which may include the use of a check for payment for goods and services.
When using a check, you provide a written authorization for the bank to pay a specific amount of money from your bank account to the party named on the check. The store or supplier then deposits the check into their bank account, where the bank processes the check and transfers the funds from the buyer's account to the seller's account.
An overdraft occurs when an individual's bank account does not have enough funds to cover the amount written on a check, which may result in additional bank fees and penalties.
The correct sequence of the purchase-to-pay process is B. requirements determination; purchase order processing; goods receipt; invoice verification; payment processing.