Bookkeeping Part 1

What is the purpose of invoice verification in an accounting system?

• To track employee attendance
• To calculate tax deductions
• To schedule meetings
• To verify that goods or services listed on the invoice were received or provided, and to ensure accuracy in prices and quantities.

Which of the following documents is typically used for invoice verification?

• Sales Order
• Delivery Note
• Bill of Lading
• Purchase Order (PO)

Where do you record Non-PO transactions such as electricity, water and rent expenses?

• Invoice Verification

• Purchase Journal Entry

• Petty Cash Fund

• Purchase Journal Adjustment

True or False: In bookkeeping module, you can create a purchase order and receive those items upon delivery.

• True

• False

True or False: You can still edit the transaction even if it was posted already.

• True

• False

These transactions are used when recording advance payment to supplier.

• Purchase Order, Invoice Verification, Disbursement

• Purchase Order, Purchase Journal Entry, Disbursement

• Purchase Order, Purchase Journal Entry, Journal Entry

• Purchase Order, Purchase Journal Entry, Purchase Request

This transaction is used to create an adjustment when posted IV or PJ is/are incorrect.

• Journal Voucher Entry

• Purchase Journal Adjustment

• Sales Journal Entry

• Receipt Journal Entry

This transaction is used when settling payments to the supplier against previously recorded liabilities.

• Invoice Verification

• Purchase Journal Entry

• Disbursement Journal Entry

• Cash/Cheque Disbursement Entry

This transaction is utilized for replenishing the petty cash fund, conducting fund transfers, or directly recording expenses by crediting cash.

• Invoice Verification

• Purchase Journal Entry

• Disbursement Journal Entry

• Cash/Cheque Disbursement Journal

True or False: You can still create purchase journal adjustment when IV/PJ is posted, and the disbursement is already parked.

• True

• False