Multiple Choice
Which of the following statements about financial audits is true?
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1. Introduction to Accounting
Types of Accounting
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Which of the following is NOT a common type of purchasing record in accounting?
A
Sales Invoice
B
Vendor Invoice
C
Receiving Report
D
Purchase Order
Verified step by step guidance1
Step 1: Understand the context of the question. Purchasing records in accounting are documents used to track and manage the procurement process, ensuring accuracy and accountability in transactions.
Step 2: Review the options provided: Sales Invoice, Vendor Invoice, Receiving Report, and Purchase Order. Consider the purpose of each document in the purchasing process.
Step 3: Clarify the role of each document: A Purchase Order is issued by the buyer to request goods or services. A Vendor Invoice is sent by the seller to request payment for goods or services provided. A Receiving Report is used to confirm the receipt of goods or services.
Step 4: Identify the outlier: A Sales Invoice is typically associated with the selling process, not the purchasing process. It is issued by the seller to the buyer, documenting the sale of goods or services.
Step 5: Conclude that the Sales Invoice is NOT a common type of purchasing record in accounting, as it pertains to sales rather than purchases.
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