In the expenditure cycle, Financial Electronic Data Interchange (FEDI) increases efficiency by

A) eliminating the need for receiving reports.
B) eliminating the need for vendor invoices.
C) eliminating the need for purchase orders.
D) eliminating the need to prepare and mail checks.

Answer: D

Business

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A. At closing B. Annually C. Both a and b D. Neither A or B

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Which financial statement shows the most direct source of profitability for a company?

a. income statement b. balance sheet c. cash flow statement d. budget

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