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Accounts Payable (Practice Quiz)

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Author:
Harold Averkamp, CPA, MBA

For multiple-choice and true/false questions, simply press or click on what you think is the correct answer. For fill-in-the-blank questions, press or click on the blank space provided.

If you have difficulty answering the following questions, learn more about this topic by reading our Accounts Payable (Explanation).


1.
The general ledger account Accounts Payable is a current __________ liability account.
2.
A __________ balance is typical for Accounts Payable.

Debit

Wrong.

Credit

Right!
3.
The balance in Accounts Payable is decreased with a __________ entry.

Debit

Right!

Credit

Wrong.
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 __________.

Vendors

Right!

Debtors

Wrong.
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 __________.

2%

Wrong.

24%

Wrong.

36%

Right!
[(20 days early and 2%) both x 18 = 360 days and 36%]

72%

Wrong.
15.
The Internal Revenue Service form to be issued for amounts paid to independent contractors (that are not corporations) for services provided is __________.

Form 1099-NEC

Right!

Form W-2

Wrong.

Form W-3

Wrong.
16.
The Internal Revenue Service form used to request a taxpayer identification number from a vendor is __________.

Form 1096

Wrong.

Form W-3

Wrong.

Form W-9

Right!
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.
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About the Author

Harold Averkamp

For the past 52 years, Harold Averkamp (CPA, MBA) has
worked as an accounting supervisor, manager, consultant, university instructor, and innovator in teaching accounting online. He is the sole author of all the materials on AccountingCoach.com.

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