Account Payable Quiz

Account Payable Quiz

University

10 Qs

quiz-placeholder

Similar activities

Quiz 2

Quiz 2

University

10 Qs

THE RIGHT BALANCE - BUSSHART ENTREPRENEURSHIP CLASS

THE RIGHT BALANCE - BUSSHART ENTREPRENEURSHIP CLASS

9th Grade - Professional Development

10 Qs

L2: Recording transactions and journal entries

L2: Recording transactions and journal entries

University

8 Qs

Ch05 Accounting for Merchandising Operations

Ch05 Accounting for Merchandising Operations

University

10 Qs

Cash Flow Statement

Cash Flow Statement

11th Grade - University

10 Qs

Identifying and recording business transactions

Identifying and recording business transactions

University

15 Qs

QUIZ 1 : TOPIC 11 [INCOMPLETE RECORDS AND SINGLE ENTRY]

QUIZ 1 : TOPIC 11 [INCOMPLETE RECORDS AND SINGLE ENTRY]

1st Grade - University

15 Qs

Chapter 2 Recording Business Transactions

Chapter 2 Recording Business Transactions

University

14 Qs

Account Payable Quiz

Account Payable Quiz

Assessment

Quiz

Business

University

Hard

Created by

Kasmani Satar

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the typical payment terms for accounts payable?

60 days

30 days

90 days

45 days

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Explain the concept of accrual accounting in relation to accounts payable.

Accrual accounting only recognizes expenses when cash is exchanged, regardless of when revenues are incurred.

Accrual accounting recognizes expenses and revenues when they are incurred, regardless of when cash is exchanged.

Accrual accounting only recognizes revenues when cash is exchanged, regardless of when expenses are incurred.

Accrual accounting recognizes expenses and revenues only when cash is exchanged.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How does aging of payables help in managing accounts payable?

By causing confusion in the accounts payable system

By delaying payments to suppliers

By providing a clear picture of the outstanding balances and helping to prioritize payments.

By increasing the amount of outstanding balances

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the difference between net 30 and net 60 payment terms?

Net 30 payment terms require payment within 30 days, while net 60 payment terms require payment within 60 days.

Net 30 payment terms require payment within 20 days, while net 60 payment terms require payment within 40 days.

Net 30 payment terms require payment within 45 days, while net 60 payment terms require payment within 75 days.

Net 30 payment terms require payment within 60 days, while net 60 payment terms require payment within 30 days.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why is it important for a company to accurately track its accounts payable aging?

To monitor employee attendance and productivity

To track customer satisfaction and feedback

To improve employee morale and satisfaction

To manage cash flow and identify potential issues with vendors

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Discuss the impact of extended payment terms on accounts payable.

Extended payment terms can impact accounts payable by increasing the amount of outstanding payments and potentially causing cash flow issues for the company.

Extended payment terms have no impact on accounts payable

Extended payment terms improve cash flow for the company

Extended payment terms reduce the amount of outstanding payments

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How does the aging of payables affect a company's cash flow?

It increases the amount of cash outflow as payables become due and need to be paid.

It increases the amount of cash inflow

It has no effect on cash flow

It decreases the amount of cash outflow

Create a free account and access millions of resources

Create resources
Host any resource
Get auto-graded reports
or continue with
Microsoft
Apple
Others
By signing up, you agree to our Terms of Service & Privacy Policy
Already have an account?

Discover more resources for Business