1.
The general ledger account Accounts Payable is a current __________
liability account.
2.
A __________ balance is typical for Accounts Payable.
3.
The balance in Accounts Payable is decreased with a __________ entry.
4.
An account payable on the books of the buyer should be an account __________
receivable on the books of the seller.
5.
Accounts payable are also known as __________
trade payables.
6.
PO is the abbreviation for __________
purchase order __________
purchase order.
7.
Suppliers are also referred to as __________.
8.
A form or record sometimes used to assemble the documentation and approvals necessary for paying a vendor's invoice is a __________
voucher.
The three-way match involves the following:
9.
the company's __________
purchase order,
10.
the vendor's __________
invoice, and
11.
the company's __________
receiving report or ticket.
12.
A $1,000 invoice from a supplier has terms of 2/10, n/30. The amount that should be remitted to the supplier if the amount is paid within the discount period is $__________
$980
[$1,000 - (0.02 x $1,000)].
13.
A $2,000 invoice from a supplier for goods has terms of 1/10, n/30. If $100 of the goods were returned to the seller, the amount to be remitted within the discount period is $__________
$1,881
[$1,900 - (0.01 x $1,900)].
14.
A discount of 2% for paying within 10 days instead of 30 days amounts to an annual percentage rate closest to __________.
15.
The Internal Revenue Service form to be issued for amounts paid to independent contractors (that are not corporations) for services provided is __________.
16.
The Internal Revenue Service form used to request a taxpayer identification number from a vendor is __________.
17.
Under the accrual method of accounting, the expenses that have been incurred but not yet entered as accounts payable should be part of an accrual-type __________
adjusting entry.
18.
The amounts accrued at the end of the current accounting period often become the amounts in the __________
reversing entry in the subsequent accounting period.
19.
Paying the insurance premium on December 20 for the six-month period beginning 12 days later should result in a debit balance in the asset account __________
Prepaid Insurance.
20.
The segregation or separation of duties and the safeguarding of checks are two examples of an important topic known as __________
internal controls.
