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General MCQ for Accounts Payable

1. What aspect is most important about the relationship between purchasing and accounts payable?

2. What can happen if an invoice is lost?

3. PO is the abbreviation for __________

4. What three documents are important when implementing controls to reduce duplicate payments?

5. True or False? ePayables are often used as automation solutions for large firms.

6. True of False? For a specific company, an invoice is usually used externally and a voucher is used internally.

7. True of False? A blank check is usually a check that is signed by an employer but lacks any more details like the amount, date, and payee.

8. Which of the following are one of the steps in a Standard Monthly Accounting Closing Cycle?

9. True or False? A balance sheet has the amount owed to creditors in two groups, namely current liabilities and long-term liabilities.

10. True or False? Accounts payables are only limited to businesses.

11. Accounts payable information is found reviewing the which of the following?

12. True of False? A trade discount cannot vary between various wholesalers.

13. Which of the following is a common problem with invoices?

14. If a trade discount of 20% is given to a wholesale customer with a total of x dollars of goods originally purchased, what is the final price the customer pays?

15. What are payment gateways used for?

16. A discount of 2% for paying within 10 days instead of 30 days amounts to an annual percentage rate closest to .

17. What is one of the fastest growing mediums for fraud?

18. What is matched when using 4-way matching?

19. Lime & Co.'s payroll for the month ended January 31,2007 is summarized as follows: Total wages $10000 Federal income tax withheld $1200 All wages paid were subject to FICA. FICA tax rates were 7?ch for the employees and the employer. The company remits payroll taxes on the 15th of the following month. In its financial statements for the month ended January 31, 2007, what amounts should it report as total payroll tax liability and as payroll tax expense?

20. What is the report generated to find the net purchases from each vendor regardless of how payments were recorded called?

21. Tax Accounting Services pays off $200 on account. To record this transaction for Tax Accounting Services, the cash account is credited. Which account is debited?

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