Accounts Payable Quiz and Test

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If you have difficulty answering the following questions, learn more about this topic by reading our Accounts Payable (Explanation).

The general ledger account Accounts Payable is a current __________ account.

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.

Accounts payable are also known as __________ payables.

PO is the abbreviation for __________ __________.

Suppliers are also referred to as __________.

vendors

debtors

A form or record sometimes used to assemble the documentation and approvals necessary for paying a vendor's invoice is a __________.

The three-way match involves the following:

the company's __________ order,

10.

the vendor's __________, and

11.

the company's __________ report or ticket.

12.

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 $__________.

13.

A $2,000 invoice from a supplier for goods has terms of 1/10, n/30. If $100 of the goods were returned to the seller, the amount to be remitted within the discount period is $__________.

14.

A discount of 2% for paying within 10 days instead of 30 days amounts to an annual percentage rate closest to __________.

24%

36%

72%

15.

The Internal Revenue Service form to be issued for amounts paid to independent contractors (that are not corporations) for services provided is __________.

Form 1099-NEC

Form W-2

Form W-3

16.

The Internal Revenue Service form used to request a taxpayer identification number from a vendor is __________.

Form 1096

Form W-3

Form W-9

17.

Under the accrual method of accounting, the expenses that have been incurred but not yet entered as accounts payable should be part of an accrual-type __________ entry.

18.

The amounts accrued at the end of the current accounting period often become the amounts in the __________ entry in the subsequent accounting period.

19.

Paying the insurance premium on December 20 for the six-month period beginning 12 days later should result in a debit balance in the asset account __________ Insurance.

20.

The segregation or separation of duties and the safeguarding of checks are two examples of an important topic known as __________ controls.

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