Welcome, Guest

Want to take part in these discussions? If you have an account, sign in now.

If you don't have an account, apply for one now.

1. • CommentAuthoremem
   • CommentTimeAug 1st 2007

    
   9) Some accounts payable departments set small frames to discuss late payment with vendors. Which of the following is the most common small frame?
   a) 10 days after the due date
   b) 5 days after the due date
   c) 30 days after the due date
   d) 120 days after the due date
   
   10) Which of the following reports alerts you to errors in your books?
   a) a trial balance worksheet
   b) a posting worksheet
   c) a cash worksheet
   d) a credit/ debit worksheet
   12) Which of the following could occur when a master vendor file is NOT maintained properly?
   a) duplicate payments
   b) cashed checks
   c) fraud
   d) all of the above
   
   13) Which of the following needs to be included on a purchase order?
   a) item cost and quantity be listed
   b) item description be listed
   c) item color be listed
   d) A and B
   14) When creating a new vendor in a master vendor file, which of the following guidelines should be adhered to?
   a) function the number of employees who have access to change or add information
   b) never using abbreviations
   c) never using the word “ the “ in front of a company name
   d) all of the above
   
   15) What three documents need to be checked and prepared before an invoice can be processed for payment?
   a) the invoice, the purchase order, and the receiving document
   b) the purchase order, the remittance advice, and the credit card
   c) the invoice, the purchase order, and the statement
   d) the receiving document, the remittance advice, and the invoice
   
   16) Which of the following is an invaluable tool for reducing the number of small dollar invoices coming into the account payable department for processing?
   a) XML
   b) Purchase orders
   c) Checks
   d) Procurement cards (P-Cards)
   
   17) Which of the following should appear on the year end information reporting form sent to the service providers and internal revenue service?
   I. Name II Address III Phone number IV Tax number
   V Tax ID number VI Account Number
   a) I, II and VI
   b) I, II and III
   c) I, III and VI
   d) I, II and V
   e) I, II and VI
   
   18) Which of the following would you find listed on an income statement?
   a) the cost of goods sold
   b) expenses
   c) sales
   d) all of the above
   
   19) Run checks are difficult for an account payable department due to which of the following reasons?
   a) they could lead to duplicate and/ or fraudulent payments
   b) they cause additional work load on an account payable associate
   c) other important tasks have to be put on hold
   d) all of the above
2. • CommentAuthorfarrukh
   • CommentTimeAug 3rd 2007

    
   Answer
   
   9- C
   10-A
   12-D
   13-A&B
   14-D
   15-D
   16-C
   17-A
   
   is it correct, pls reply, be appreciated
   by smartgoals