Accompany the payment of an invoice

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Reference no: EM131121584

1. What three documents must accompany the payment of an invoice? Discuss where these three documents originate and the resulting control implications.

2. Are any time lags in recording economic events typically experienced in cash disbursements systems?

If so, what are they? Discuss the accounting profession's view on this matter as it pertains to financial reporting.

3. Discuss the importance of supervision controls in the receiving department and the reasons behind blind fields on the receiving report, such as quantity and price.

Reference no: EM131121584

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