Which Accounting Data Standards ledger identifies data needed for purchase orders,goods received,invoices,payments,and adjustments to accounts?
A) Base Standard
B) General Ledger Standards
C) Procure to Pay Subledger Standard
D) Inventory Subledger Standard

Question

Quizplus · Accepted Answer

The Procure to Pay Subledger Standard identifies the data needed for purchase orders, goods received, invoices, payments, and adjustments to accounts related to the procurement process. The Base Standard provides a foundation for accounting data standards, the General Ledger Standards identify data needed for financial statements, and the Inventory Subledger Standard identifies data related to inventory management.

Which Accounting Data Standards Ledger Identifies Data Needed for Purchase