Question

The set of activities required to first identify a​ need, assign a supplier to meet that​ need, approve the specification or​ scope, acknowledge​ receipt, and submit payment to the​ supplier" is the definition of
A. electronic funds transfer​ (EFT).
B. ​procure-to-pay cycle.
C. statement of​ work, or scope of work​ (SOW).
D. purchase order​ (PO).

Answer 1

Answer:

B. ​procure-to-pay cycle.

Explanation:

Procure to pay  -

It is the method of purchasing , requisitioning , accounting or paying for any services or goods .

It is the set of activities , which are needed firstly , to detect the need , to assign the supplier , approve it , acknowledge the receipt and at last payment to the supplier .

Hence , the correct term for the given statement is  B. ​procure-to-pay cycle .