Critical Thinking AR Skills
Critical Thinking in Accounts Receivable
Test your critical thinking skills in accounts receivable management with our engaging quiz! This quiz consists of 11 thought-provoking questions aimed to assess your decision-making abilities in various customer-related scenarios.
Key features of the quiz:
- Real-world scenarios
- Immediate feedback on answers
- Improve your understanding of accounts receivable processes
A customer has an outstanding invoice that is past due. What is the most appropriate action to take?
Contact the customer to remind them of the payment due date.
Waive the payment and close the invoice
Ignore the past-due invoice and wait for the customer to pay
Increase the interest rate on the invoice amount
A customer claims they have already made a payment, but it is not reflecting in the accounts receivable records. What should you do?
Request proof of payment from the customer
Assume the customer is mistaken and ignore their claim
Write off the payment as a loss
Adjust the accounts receivable records without further investigation
A customer disputes the amount on their invoice, stating that it is higher than agreed upon. How would you handle this situation?
Ignore the customer's claim and insist on the original invoice amount
Verify the accuracy of the invoice and provide supporting documentation to the customer
Offer a discount to the customer to resolve the dispute
Write off the disputed amount and close the invoice
A customer has declared bankruptcy, and they owe a significant amount to the company. How would you handle this situation?
Immediately close the customer's account and write off the outstanding balance
Gnore the situation and hope the customer's financial situation improves
Engage counsel with management and initiate debt collection procedures
Offer a payment plan to the customer to recover the outstanding balance over time
A customer has made a payment for an invoice, but it has been applied to the wrong customer account. How would you rectify this error?
Ignore the error and assume it will be resolved automatically
Apply the payment to the incorrect account and notify the customer
Reverse the payment and reapply it to the correct customer account
Write off the payment as a loss and close both customer accounts
An account on the aging report shows a significant increase in overdue amounts. Which action would you prioritize first?
Contact the customer for immediate payment
Investigate the reason for the overdue payment
Implement stricter credit terms for the customer
Escalate the issue to management
A customer disputes an invoice, claiming the goods were damaged upon receipt. What would be your next step?
Request supporting documentation from the customer
Initiate a collection process for the disputed amount
Adjust the invoice and issue a credit note
Refer the dispute to a legal department
A customer consistently pays their invoices late. What might be the potential reasons for this delay?
Cash flow issues
Inefficient billing process
Disputes over goods/services
All of the above
How would you handle a situation where a customer requests extended payment terms due to temporary financial difficulties?
Immediately grant the request to maintain a good relationship
Assess the customer's financial situation and negotiate revised terms
Reject the request and demand immediate payment
Refer the request to senior management for a decision
When reconciling accounts receivable, what should be done if an old unapplied payment is received?
Immediately apply the payment to the oldest outstanding invoice
Hold the payment until the customer provides instructions
Return the payment to the customer until instructions are received
Apply the payment to the largest outstanding invoice
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