Accounts Payable Quiz


  • Accounts Payable
  • Quick Multiple Choice Quiz, Test Yourself!
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Accounts Payable is an obligation of a business that originates because of sales made on credit.
True
False

Correct!

Oops!

Accounts payable is a _________.
Short-Term Liability
Short-Term Asset
Short-Term Loan

Correct!

Oops!

Accounts Payable is also known as __________.
Trade Payable
Trade Receivable

Correct!

Oops!

Under which head of the balance sheet are Accounts Payable shown?
Current Assets
Current liabilities
Long-Term Liabilities

Correct!

Oops!

A _________ is an official document generated by a buyer of goods or services as an offer for the seller.
Credit Note
Debit Note
Purchase order
Sales Order

Correct!

Oops!

This type of purchase order is created when a buyer is sure about the order details such as the item, price, delivery schedule, payment terms etc.
Standard PO
Contract PO
Blanket PO
Planned PO

Correct!

Oops!

This type of Purchase Order is used in cases where the item is known, but quantity and required delivery schedules are unknown.
Standard PO
Contract PO
Blanket PO
Planned PO

Correct!

Oops!

This type of purchase order is used for a pre-determined purchase anticipated for long-term where the delivery schedule is not known in advance.
Standard PO
Contract PO
Blanket PO
Planned PO

Correct!

Oops!

This type of purchase order is created for a set period of time (often for a year) the item, pricing, quantity etc. can’t be anticipated precisely.
Standard PO
Contract PO
Blanket PO
Planned PO

Correct!

Oops!

Accounts Payable process is also known as _________ in larger corporations.
O2C (Order to Cash)
P2P (Procure to Pay)
R2R (Record to Report)

Correct!

Oops!

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Accounts Payable – Quiz

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