GFEBS L251E Accounts Payable Process Overview Exam Questions and Answers 100% PASS

GFEBS L251E Accounts Payable
Process Overview Exam
Questions and Answers 100%
PASS

Invoice—ANSWER--commercial doc that a seller issures to a buyer. the invoice indicates the

products, qty, and agreed upon pricwes for products or services that the seller has already

provided the buyer


Electronic Funds Transfer (EFT—ANSWER--payment method that provides automatic

electronic transferral of funds both payments and collections thereby eliminating the need

for a written check


Miscellaneous Payments—ANSWER--non contractural venddor invoices processed in gfebs


Prompt Payment Act (PPA—ANSWER--statute that requires fed agencies to pay their bills on

a timely basis to pay interest penalties when payment are made late, and to take discounts

only when payments are made by the dicount date


Matching—ANSWER--actions of comparing a vendor invoice to the other gfebs doc for

verification and authorization including the purchase order funds commitment and goods

receipt docmument


Blocked Invoice—ANSWER--non contractual vendor invoices processed in gfebs