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P2P cycle with which accounts get effected at each stage
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Answer Posted / vanisri
1 Creation of Requisition
No Accounting
2 Creation of Purchase Order
No Accounting
3 Receipt
Receiving A/c
AP Accrual A/c
4 Devlivery
Raw Material Sub Inventory A/c
PPV A/c
Receiving A/c
5 Invoice matching with PO
AP Accrual Liability A/c
Invoice Price Variance A/c
AP Liability A/c
6 On making Payment
Liability A/c
Cash
| Is This Answer Correct ? | 18 Yes | 3 No |
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