FREE Financial Management For Project Managers Accounts Payable/Receivable Questions and Answers

Question 1

team that reviews a schedule to identify overdue invoices and collects unpaid balances on accounts

Accepted Answer

collections team

Answer

sales order

Answer

credit terms

Answer

vendor

Question 2

Payment policies that suppliers impose on their clients

Accepted Answer

terms of payment

Answer

commission

Answer

minimum order quantity

Answer

common practice

Question 3

indicates the amount that customers owe to a business as a result of buying products or services.

Accepted Answer

accounts receivable

Answer

accounts payable

Answer

balance sheet

Answer

financing activities

Question 4

A company (or individual) that accepts a good or service in exchange for a promise to pay later; sometimes known as "buying on credit"

Accepted Answer

purchase on account

Answer

sale on account

Answer

an investment by owner

Answer

receiving report

Question 5

document that permits a buyer to obtain products or services from a supplier

Accepted Answer

purchase order

Answer

cash sale

Answer

vendor invoice

Answer

sales order

Question 6

The statement of financial position is "used by lenders, investors, and creditors to estimate the liquidity of a business; the balances in asset accounts should always equal the sum of balances in the liability and owner's equity accounts"

Accepted Answer

balance sheet

Answer

accounts payable

Answer

accounts receivable

Answer

cash flow statement

Question 7

funds placed aside in anticipation of expenses that will arise at some point in the future

Accepted Answer

allowances

Answer

taxable income

Answer

withholding

Answer

deductions

Question 8

is employed to identify the items on the purchase order that were really received.

Accepted Answer

receiving report

Answer

purchase order

Answer

sales invoice

Answer

vendor invoice

Question 9

document that attests to the customer's purchase of goods and services

Accepted Answer

sales order

Answer

purchase order

Answer

sales return

Answer

sales invoice

Question 10

a way to keep track of all customer payments and invoices

Accepted Answer

customer file

Answer

sales file

Answer

customer loyalty

Answer

sales register