Expenditure Cycle Quiz p2

What is the purpose of a three-way match in the expenditure process? (between receiving report, invoice and purchase order)

• To verify the accuracy of payment amounts

• To ensure that all goods or services were received and meet quality standards in the purchase order

• To ensure that all vendors are registered with the government

• To identify potential conflicts of interest among employees

What is the purpose of a purchase requisition in the expenditure process?

• To authorize payment for goods or services
• To verify the accuracy of vendor invoices
• To ensure that all purchases are made from approved vendors
• To initiate the purchasing process and ensure proper approval before purchases are made

What is the purpose of a receiving report in the expenditure process?

• To authorize payment for goods or services
• To ensure that all goods or services were received and meet quality standards
• To verify the accuracy of vendor invoices
• To initiate the purchasing process and ensure proper approval before purchases are ma

What is the primary risk associated with not verifying the quantity and quality of goods or services received before processing payment?

• Incorrect allocation of expenses
• Unauthorized access to bank accounts
• Payment for goods or services not received or not meeting quality standards
• Delays in payment processing

What is the purpose of a blind receiving process in the expenditure process?

• To ensure that all goods or services were correctly received and meet quality standards

• To identify potential conflicts of interest among employees
• To verify the accuracy of payment amounts
• To reduce the amount of paperwork required for processing payments