Multiple Choice
Which of the following is considered cash for financial reporting purposes?
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1. Introduction to Accounting
Types of Accounting
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Which of the following is the responsibility of the buying function of a business?
A
Preparing financial statements for external users
B
Recording sales revenue in the accounting system
C
Managing employee payroll and benefits
D
Selecting suppliers and negotiating purchase terms
Verified step by step guidance1
Understand the context of the question: The buying function of a business is part of the procurement process, which involves acquiring goods or services necessary for the business operations.
Eliminate unrelated options: Preparing financial statements for external users is the responsibility of the accounting department, not the buying function.
Eliminate unrelated options: Recording sales revenue in the accounting system is part of the sales or accounting function, not procurement.
Eliminate unrelated options: Managing employee payroll and benefits is typically handled by the human resources or payroll department, not the buying function.
Identify the correct responsibility: The buying function focuses on selecting suppliers and negotiating purchase terms to ensure the business obtains the necessary goods or services at favorable conditions.
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