The acquisition/payment process includes all of the following steps except:
A)Authorize a purchase.
B)Prepare adjusting journal entries.
C)Receive goods and services.
D)Disburse cash.

Question

Quizplus · Accepted Answer

The process of acquisition/payment involves multiple steps from authorizing a purchase to disbursing cash to the supplier. However, preparing adjusting journal entries is not a part of this process as it comes under the adjusting entries process in accounting.

The Acquisition/payment Process Includes All of the Following Steps Except