Quiz 9

Accounts Payable – Intermediate
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10 MCQs with right answers
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Q1. Accounts payable is an obligation originated because of _____ made on credit.*

1 mark

sales

purchases

sale of machine

purchase returns

Q2. Accounts payable is a _____.*

1 mark

contra liability

short-term asset

short-term liability

short-term loan

Q3. Accounts payable is also known as _____.*

1 mark

notes payable

trade payable

notes receivable

trade receivable

Q4. Under which head of balance sheet are payables shown?*

1 mark

Current Assets

Short-Term Debt

Long-Term Liabilities

Current Liabilities

Q5. _____ is official document generated by buyer as an offer for seller.*

1 mark

Debit note

Purchase order

Sales order

Credit note

Q6. This purchase order is made when buyer is sure about order details.*

1 mark

Standard PO

Contract PO

Blanket PO

Planned PO

Q7. This purchase order is used when quantity and required delivery schedules are unknown.*

1 mark

Blanket PO

Standard PO

Planned PO

Contract PO

Q8.This purchase order is used for a pre-determined purchase anticipated for long-term.*

1 mark

Standard PO

Planned PO

Blanket PO

Contract PO

Q9. This purchase order is created for a set period of time.*

1 mark

Blanket PO

Contract PO

Standard PO

Planned PO

Q10. Payables process is also known as _____ in larger corporations.*

1 mark

O2R

R2R

O2C

P2P

Quiz 9 – Accounts Payable – Intermediate

Quiz 9

Connect & Improve AccountingOptional

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