The purchasing or procurement process typically involves _______.
A)the revenue and receivables accounts
B)selecting vendors, establishing payment terms, negotiating contracts, selling goods, receiving goods, and recording of purchases and payment of liabilities
C)selecting vendors, establishing payment terms, negotiating contracts, purchasing goods, receiving goods, and recording of purchases and payment of liabilities
D)the revenue and cost of goods sold accounts

Question

Quizplus · Accepted Answer

The purchasing or procurement process typically involves selecting vendors, establishing payment terms, negotiating contracts, purchasing goods, receiving goods, and recording of purchases and payment of liabilities. Option A and D are incorrect because they deal with revenue and receivables as well as revenue and cost of goods sold accounts, respectively, which are not directly related to the purchasing or procurement process. Option B is partially correct, but it includes selling goods, which is not a part of the purchasing or procurement process.

The Purchasing or Procurement Process Typically Involves _______