Robert Half Assessment Test Accounts Payable and Receivable 2

Question 1

A vendor invoice dated June 1 has terms of 2/10, net 45. If payment is made on June 9, what discount applies?

Accepted Answer

2% discount because payment is within 10 days

Answer

No discount applies because the grace period hasn't started

Answer

45% discount for early payment

Answer

2% penalty for paying too early

Question 2

Which internal control best prevents duplicate payment of vendor invoices?

Accepted Answer

Matching each invoice to a unique purchase order and receiving report before payment

Answer

Requiring two signatures on all checks

Answer

Stamping invoices 'PAID' immediately upon receipt

Answer

Filing all invoices alphabetically by vendor name

Question 3

What does a debit balance in Accounts Payable typically indicate?

Accepted Answer

An overpayment or vendor credit situation

Answer

The company owes more money to vendors

Answer

Normal payable activity

Answer

The account is fully reconciled

Question 4

A customer has a $5,000 balance with payment terms of net 30. On day 45, the customer has not paid. What is the FIRST step in the collections process?

Accepted Answer

Send a formal past-due notice or make a collection call

Answer

Immediately send the account to a collection agency

Answer

Write off the balance as a bad debt

Answer

Apply a 20% penalty fee to the balance

Question 5

What journal entry records the allowance method to recognize estimated bad debt expense?

Accepted Answer

Debit Bad Debt Expense, Credit Allowance for Doubtful Accounts

Answer

Debit Bad Debt Expense, Credit Accounts Receivable

Answer

Debit Allowance for Doubtful Accounts, Credit Bad Debt Expense

Answer

Debit Accounts Receivable, Credit Bad Debt Expense

Question 6

Which document authorizes the AP department to release payment to a vendor?

Accepted Answer

An approved payment voucher or check request

Answer

The vendor's sales catalog

Answer

The company's bank statement

Answer

A receiving report alone

Question 7

On an aging report, a receivable classified as '91–120 days past due' should be treated how, compared to a '1–30 days past due' balance?

Accepted Answer

Assigned a higher estimated uncollectible percentage

Answer

Assigned a lower estimated uncollectible percentage

Answer

Treated identically in allowance calculations

Answer

Immediately written off with no allowance