Response to the following questions:
1. Distinguish among the three categories of expenses. Provide an example of each type of expense.
2. What major types of transactions occur in the purchasing process? What financial statement accounts are affected by each type of transaction?
3. Briefly describe each of the following documents or records: purchase requisition, purchase order, receiving report, vendor invoice, and voucher. Why would an entity combine all documents related to a purchase transaction into a "voucher packet"?