Question

Valid Payments for purchase cards consists of three components. Which of the following is NOT one of those components? A. Authorized Goods or Services

B. Proper Supporting Documentation

C. Cardholder Rewards and Incentives

D. Approval by the Cardholder and Approving Official

Answer 1

The three components of valid payments for purchase cards are authorized goods or services, proper supporting documentation, and approval by the cardholder and approving official. Option C is correct.

Step-by-step explanation:

The correct answer is C. Cardholder Rewards and Incentives is NOT one of the components of valid payments for purchase cards. The three components of valid payments for purchase cards are:

1. Authorized Goods or Services: This refers to making sure that the purchases made with the card are authorized and necessary for the organization's operations.
2. Proper Supporting Documentation: This includes all necessary receipts, invoices, or other forms of documentation that validate the purchases made with the card.
3. Approval by the Cardholder and Approving Official: Before a payment can be considered valid, the cardholder responsible for making the purchase and the approving official within the organization must give their authorization for the payment.