ExpertMedium1 markMultiple Choice
CPA · Question 10 · Area I: Information Systems
Which of the following best describes the 'Three-Way Match' control in a procurement process?
Which of the following best describes the 'Three-Way Match' control in a procurement process?
Answer options:
A.
Comparing the Purchase Requisition, Purchase Order, and Check.
B.
Comparing the Vendor Invoice, General Ledger, and Bank Statement.
C.
Comparing the Purchase Order, Receiving Report, and Vendor Invoice.
D.
Comparing the Sales Order, Shipping Document, and Invoice.
How to approach this question
Recall the documents involved in verifying a purchase before payment.
Full Answer
C.Comparing the Purchase Order, Receiving Report, and Vendor Invoice.✓ Correct
Comparing the Purchase Order, Receiving Report, and Vendor Invoice.
The three-way match verifies that the quantity and price on the Invoice match the authorized Purchase Order and the quantity actually received per the Receiving Report.
Common mistakes
Confusing procurement documents with revenue cycle documents.
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