Free CAPA Accounts Payable Operations Questions and Answers

Question 1

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

Accepted Answer

liability

Answer

asset

Answer

expense

Answer

revenue

Question 2

A __________ balance is typical for Accounts Payable.

Accepted Answer

credit

Answer

debit

Answer

zero

Answer

positive

Question 3

The balance in Accounts Payable is decreased with a __________ entry.

Accepted Answer

debit

Answer

credit

Answer

zero

Answer

positive

Question 4

Accounts payable are also known as __________ payables.

Accepted Answer

trade

Answer

long-term

Answer

accrued

Answer

short-term

Question 5

PO is the abbreviation for __________ __________.

Accepted Answer

Purchase Order

Answer

Purchase Offer

Answer

Payment Order

Answer

Product Order

Question 6

Suppliers are also referred to as __________.

Accepted Answer

vendors

Answer

merchants

Answer

retailers

Answer

wholesalers

Question 7

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

Accepted Answer

voucher

Answer

receipt

Answer

checklist

Answer

statement

Question 8

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 __________.

Accepted Answer

$980

Answer

$1,000

Answer

$990

Answer

$920

Question 9

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 __________.

Accepted Answer

$1,881

Answer

$1,900

Answer

$1,981

Answer

$1,800

Question 10

Which of the following is not an asset?

Accepted Answer

Loan from Harish

Answer

Buildings

Answer

Debtors

Answer

Cash balance