Final answer:
The result of invoices being paid incorrectly is (D) financial losses and payment discrepancies. Checks and balances in the accounting process can reduce the risk of such errors. Efficient communication and internal controls are critical for maintaining accurate financial information.
Step-by-step explanation:
The result of 'Exp. Risk: Invoices were paid in the incorrect amount, for items not ordered, or for items not received' would likely be financial losses and payment discrepancies. This situation highlights the importance of having checks and balances in the accounting process to avoid overpayment errors like the one Noel discovered.
Mechanisms to reduce the risk of imperfect information include careful review of documentation, implementing internal controls, and fostering open communication among employees to quickly identify and resolve issues. Improper information can seriously affect the price, quantity, and quality of transactions, leading to potential financial setbacks for businesses.