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).

Question

Business

Trystan Jordan

30 December, 09:38

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).

+3

Answers (1)

Know the Answer?

Micah Jefferson · Answer 1

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.