5. The final step in the procurement process is paying the vendor. In this step a payment method must be selected, decide which invoices are ready for payment, calculate the amount for payment, post the payment document and print the payment medium (if by check). As a result the payment is made to the vendor by check or electronically and the appropriate general ledger accounts are updated. The bank account is credited and the vendor account is debited and the accounts payable reconciliation account debited and a corresponding financial document is created. TRUE OR FALSE 6. When a company receives a vendor invoice it verifies the invoice as accurate before it makes payment. Companies use a three way match between purchase requisition, goods issue and the invoice. TRUE OR FALSE 7. In the procurement process an account determination must be made so that it is know which GL account to assign to the PO. This is defined in the Material Master. TRUE OR FALSE 8. In the procurement process the stock type status must be defined. This identifies how the company can use the materials in various processes. Unrestricted mans the material can be used in any manner. In quality inspection means the material can be withdrawn for sampling inspection. Blocked status mean the material are damaged or unstable. Stock in transit means materials are being moved from one plant to another. TRUE OR FALSE 9. A purchase requisition is a communication sent to vendor in which a company commits to purchasing the specified materials. TRUE OR FALSE 10. Item categories must be defined in the procurement process. This defines the process regarding how the item is procured. Standard is where you create a purchase requisition, convert it to a purchase order, vendor ships material and vendor invoices and payment is made. Consignment is where the vendor is paid only when the item is used or sold. Third party is where the vendor ships directly to a customer. Subcontracting is where a company sends material to vendor who uses the item create semi-finished goods. Stock transfer is where materials are