Accounts Payable Quiz and Test

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If you have difficulty answering the following questions, read our In-Depth Explanation for this topic.

The general ledger account Accounts Payable is a current account.

A balance is typical for Accounts Payable.

Debit

Credit

The balance in Accounts Payable is decreased with a entry.

Debit

Credit

An account payable on the books of the buyer should be an account on the books of the seller.

Accounts payable are also known as payables.

PO is the abbreviation for .

Suppliers are also referred to as .

Vendors

Debtors

A form or record sometimes used to assemble the documentation and approvals necessary for paying a vendor's invoice is a .

The three-way match involves the following:

the company's order,

10.

the vendor's , and

11.

the company's 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 $.

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 $.

14.

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

24%

36%

72%

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

Form W-2

Form W-3

16.

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

Form 1096

Form W-3

Form W-9

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 entry.

18.

The amounts accrued at the end of the current accounting period often become the amounts in the 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 Insurance.

20.

The segregation or separation of duties and the safeguarding of checks are two examples of an important topic known as controls.

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Accounts Payable (Practice Quiz)

Accounts Payable Outline

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Accounts Payable (Practice Quiz)

Accounts Payable Outline

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