BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Purchase order, purchase requisition, invoice receipt
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Purchase order, invoice receipt, goods receipt
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Purchase requisition, purchase order, goods receipt
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Purchase requisition, goods receipt, invoice receipt
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Detailed explanation-1: -To perform three-way matching, you need a purchase order, a goods receipt note (GRN), and an invoice. The vendor invoice is a document listing the amount of services/goods that the buyer owes the supplier.
Detailed explanation-2: -Three-way matching is an accounting process that compares what was ordered (the purchase order), what was delivered (receipt) and the supplier’s invoice to verify that an invoice is legitimate and ready to be paid.
Detailed explanation-3: -A three-way matching is the process of matching purchase orders (PO), goods receipt note, and the supplier’s invoice to eliminate fraud, save money, and maintain adequate records for the audit trail.
Detailed explanation-4: -In a specific accounts payable (AP) context, three-way match is the process of cross-referencing and verifying your accounts payable expenses using a set of three different documents-the invoice, the purchase order, and the receipt-in order to avoid any erroneous charges.
Detailed explanation-5: -3-Way Matching: The Key to Accounts Payable Three-way matching is a process that compares three different documents: the purchase order (also called the PO), the order receipt or packing slip, and the invoice. By ensuring that these pieces of information all match, the supplier invoice is submitted.