Accounts Payable, Finance And Accounting

Question: What is Accounts Payable Turnover Ratio?
A
Net profit / Accounts Receivable

B
Cost of Goods Sold / Accounts Payable

C
365 days / Accounts Payable Turnover

D
Total sales / Networth

Note: Not available
1. Report
Question: How often should Payables be entered in the accounting system?
A
Once a week

B
As soon as the invoices are brought to the AP department

C
Daily

D
As and when they are due

Note: Not available
1. Report
Question: Which form is used to reimburse an individual for Travel and Entertainment expenses?
A
Form W4

B
Expense Voucher

C
Form 1099Misc

D
Form 941

Note: Not available
1. Report
Question: An Invoice statement is provided ____________
A
for payment purposes

B
to ensure that the IRS department has received all the invoices sent

C
to check for outstanding credits.

D
to know the expenditure of the company for the particular month

Note: Not available
1. Report
Question: What are the debit memo & the credit memo in Payables?
A
In A/P, both the debit and the credit memos perform the same function. The debit memo is raised by the supplier to the Company and the credit memo is raised by the Company to the supplier stating we are due to him. Both have positive amounts

B
In A/P, both the debit and the credit memos perform the same function. The debit memo is raised by the supplier to the Company and the credit memo is raised by the Company to the supplier stating we are due to him. Both have negative amounts.

C
In A/P, both the debit and the credit memos perform the same function. The debit memo is raised by the supplier to the Company and the credit memo is raised by the Company to the supplier stating we are due to him. Both may have positive and negative amounts

D
In A/P, both the debit and the credit memos perform the same function. The debit memo is raised by the Company to the supplier and the credit memo is raised by the supplier to the Company stating we are due to him. Both have negative amounts

Note: Not available
1. Report
Question: When an invoice is presented for payment, most companies match it against a purchase order and a receiving document, and if all three match, the invoice is paid on or after its due date. This is referred to as ---------------- .
A
the two-way match

B
the three-way match

C
invoice cleared

D
invoice paid

Note: Not available
1. Report
Question: Accounts Payable is _________.
A
a file or an account that contains details of money that a person or company owes to its suppliers.

B
details of money or money's worth that a person or company owns.

C
an expense account

D
a file or an account that contains details of money that a person or company owes to its customers

Note: Not available
1. Report
Question: What is VAT?
A
VAT is a tax calculated on the income earned

B
VAT is a consumer-oriented tax imposed on goods and services sold.

C
VAT is an item

D
VAT is a Credit card fee

Note: Not available
1. Report
Question: Where do you record the payment terms for the money that a client owes to a vendor?
A
In Sales Orders

B
In Checks

C
In Purchase Orders

D
In Bills

Note: Not available
1. Report
Question: Using the following information, compute total liabilities. Notes Receivable $30,000, Accounts Payable $20,000, Wages Payable $8,000 and Rent Expenses $40,000.
A
$20,000

B
$28,000

C
$68,000

D
$98,000

Note: Not available
1. Report

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Question: What is Accounts Payable Turnover Ratio?

Question: How often should Payables be entered in the accounting system?

Question: Which form is used to reimburse an individual for Travel and Entertainment expenses?

Question: An Invoice statement is provided ____________

Question: What are the debit memo & the credit memo in Payables?

Question: When an invoice is presented for payment, most companies match it against a purchase order and a receiving document, and if all three match, the invoice is paid on or after its due date. This is referred to as ---------------- .

Question: Accounts Payable is _________.

Question: What is VAT?

Question: Where do you record the payment terms for the money that a client owes to a vendor?

Question: Using the following information, compute total liabilities. Notes Receivable $30,000, Accounts Payable $20,000, Wages Payable $8,000 and Rent Expenses $40,000.