The purchase is generally recorded in the financial statements when which of the following activities takes place?
A)Place purchase order.
B)Request prices and availability.
C)Send payment.
D)Receive items.

Question

Quizplus · Accepted Answer

The purchase is recorded in the financial statements when the items are received. The other activities listed may be part of the purchasing process but do not necessarily determine when the purchase is recorded in the financial statements.

The Purchase Is Generally Recorded in the Financial Statements When