Which G/L accounts are impacted by the invoice verification step of the procurement process?
A)Accounts payable
B)Goods receipt / invoice receipt account
C)Inventory account
D)Vendor account
E)Bank account

Question

Quizplus · Accepted Answer

During the invoice verification step of the procurement process, the Accounts Payable (A) account is impacted as the invoice amount is recorded as a liability to the vendor. The Goods Receipt/Invoice Receipt (GR/IR) account (B) is also impacted as it is used to record the goods received but not yet invoiced; the invoice verification process will adjust this account to reflect the actual invoice received. The Vendor account (D) is impacted because it tracks the amounts owed to each vendor, and this account is updated to reflect the new liability created by the invoice. The Inventory account (C) is not directly impacted by the invoice verification step, as changes to inventory levels are typically recorded at the goods receipt phase, not during invoice verification. The Bank account (E) is not impacted during the invoice verification step, as this step involves verifying and recording liabilities, not the actual payment of those liabilities.

Which G/L Accounts Are Impacted by the Invoice Verification Step