Robert Half Assessment Accounts Payable and Receivable Questions and Answers

Question 1

In accounts payable, the 'three-way match' is a critical internal control used before paying a vendor. Which three documents are compared in this process?

Accepted Answer

Purchase Order, Receiving Report, and Vendor Invoice

Answer

Vendor Invoice, Bank Statement, and Company Budget

Answer

Sales Order, Bill of Lading, and Customer Check

Answer

W-9 Form, Vendor Contract, and Payment Voucher

Question 2

A customer contacts the accounts receivable department stating they were overcharged on an invoice because a sales discount was not applied. What should be the clerk's FIRST course of action?

Accepted Answer

Verify the original sales order and contract terms to confirm the discount's applicability.

Answer

Immediately issue a credit memo for the disputed amount to maintain customer satisfaction.

Answer

Contact the sales department and instruct them to correct the error for future invoices.

Answer

Inform the customer that all invoice amounts are final and must be paid as billed.

Question 3

What is the primary purpose of preparing an Accounts Receivable Aging Report?

Accepted Answer

To identify and prioritize overdue customer invoices for collection efforts.

Answer

To calculate the total sales revenue generated for the accounting period.

Answer

To determine the amount of sales tax the company owes to the government.

Answer

To list customers in order of who has been with the company the longest.

Question 4

A company receives an invoice for $10,000 with payment terms of '2/10, n/30'. If the company has sufficient cash flow, what is the most financially advantageous action to take?

Accepted Answer

Pay $9,800 within the first 10 days.

Answer

Pay $10,000 on the 25th day.

Answer

Pay $9,800 on the 25th day.

Answer

Pay $10,000 within the first 10 days.

Question 5

When reconciling a vendor statement against the company's accounts payable records, a clerk notices a payment they recorded is not showing on the vendor's statement. What is the most common reason for this discrepancy?

Accepted Answer

The payment is in transit and has not yet been processed by the vendor.

Answer

The vendor has intentionally omitted the payment.

Answer

The company's bank has lost the payment transfer.

Answer

A duplicate invoice was paid by mistake.

Question 6

The finance department wants to measure the average number of days it takes for the company to collect payments from its customers after a sale is made. Which key performance indicator (KPI) should they calculate?

Accepted Answer

Days Sales Outstanding (DSO)

Answer

Current Ratio

Answer

Accounts Payable Turnover

Answer

Return on Equity (ROE)