The Expenditure Cycle, aka Procurement Cycle, purchases goods and services, creates the liabilities associated with those goods and services and pays the liabilities. Exercise: Using demo data, a) Create a Requisition. b) Create a Purchase Order based on the Requisition. c) Issue the Purchase Order. d) Receive the Merchandise ordered on the Purchase Order. e) Create a Vendor Invoice for the goods. f) Process the Vendor Invoice, including 3-way matching of PO, Receiver and Invoice. g) Pay the Invoice