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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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Chapter
Section
BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

In the purchasing process, the purchase invoice is the first document prepared.

To determine

Indicate whether the given statement is true or false.

Answer

The given statement is false.

Explanation

Purchases: The amount of cost of merchandise bought during a certain period is referred to as cost of purchases.

Documents used in purchasing process:

  • Purchase requisition
  • Purchase order
  • Receiving report
  • Purchases invoice

Description: Purchase invoice is the last document prepared in the purchasing process, and purchase requisition is the first document. Hence, the statement is false.

Conclusion

Thus, the given statement is false, in stating that purchase invoice is the first document prepared in the purchasing process.

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