Fun Friday 2

A vibrant, educational graphic showing the concept of Accounts Payable in finance, featuring elements like invoices, purchase orders, and a calculator, in a professional setting.

Understanding Accounts Payable: Test Your Knowledge

Are you ready to challenge your understanding of Accounts Payable? Dive into our engaging quiz to test your knowledge on this crucial aspect of finance and accounting.

In this quiz, you'll:

  • Learn key terminology.
  • Understand typical balances and entries.
  • Explore how accounts payable impact financial statements.
12 Questions3 MinutesCreated by CalculatingFinance234
Name:
The general ledger account Accounts Payable is a current __________ account
Liability
Asset
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.
Payable
Receivable
Accounts payable are also known as __________ payables.
Trade
BRS
Balance Sheet
PO is the abbreviation for __________ __________
Purchase Offer
Purchase Order
Post Office
Suppliers are also referred to as __________.
Vendors
Creditors
Debtors
A form or record sometimes used to assemble the documentation and approvals necessary for paying a vendor's invoice is a __________.
Voucher
Invoice
Purchase Order
The company's __________ order, & the vendor's __________, and the company's __________ report or ticket.
Purchase, Invoice, Receiving
Purchase, Receiving, Invoice
Receiving, Purchase, Invoice
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
990
960
800
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