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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

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

Fun Friday 2

Understanding Accounts Payable: Test Your Knowledge

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