Pre-assessment Test - AP
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Whenever you select "Pay Now (Manual Check)" in the Payment Status group box, you must enter the check number, the date of the check, the accounting pay period, and the General Ledger account number for the cash account from which you made the payment.
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True
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False
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About This Quiz
This pre-assessment is to gauge your basic knowledge in Accounts Payable module.
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- 2.
EFT payment also means bank to bank transfer. True or False
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True
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False
Correct Answer
A. TrueExplanation
EFT payment refers to Electronic Funds Transfer, which involves the electronic transfer of funds from one bank account to another. Therefore, it can be inferred that EFT payment is indeed synonymous with bank to bank transfer, making the statement "EFT payment also means bank to bank transfer" true.Rate this question:
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- 3.
If you select this option, vouchers assigned this status are included on the Prepayment Edit Report and the next check run.
Correct Answer
Select for PaymentExplanation
Selecting the "Select for Payment" option allows vouchers assigned this status to be included on the Prepayment Edit Report and the next check run. This means that these vouchers will be considered for payment and will be processed accordingly in the payment system.Rate this question:
- 4.
What information are stored in the Vendor Master File?
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Vendor Name
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Vendor ID
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Vendor Address
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Terms
Correct Answer(s)
A. Vendor Name
A. Vendor ID
A. Vendor Address
A. TermsExplanation
The Vendor Master File stores information about vendors, including their name, ID, address, and terms. This file serves as a centralized database that contains essential details about each vendor, allowing for easy access and management of vendor-related information. By storing these details in the Vendor Master File, businesses can efficiently track and maintain records of their vendors, facilitating smooth communication, payment processing, and overall vendor management.Rate this question:
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- 5.
_____________ is where you record the Default AP and Cash Account.
Correct Answer(s)
AP Control FileExplanation
The AP Control File is where you record the Default AP and Cash Account. It serves as a central repository for managing and controlling accounts payable transactions. By recording the Default AP and Cash Account in this file, businesses can ensure accurate and efficient processing of payments and maintain proper financial controls. The AP Control File helps streamline the accounts payable process and provides a reference point for tracking and reconciling AP transactions.Rate this question:
- 6.
When you post vouchers to GL, it creates a debit entry to AP and credit to Expense account. True or False
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True
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False
Correct Answer
A. FalseExplanation
The statement is false because when vouchers are posted to the General Ledger (GL), it creates a debit entry to the Expense account and a credit entry to the Accounts Payable (AP) account.Rate this question:
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- 7.
Where do you select vouchers for payment?
Correct Answer
Individual Voucher SelectionExplanation
To select vouchers for payment, you need to use the feature called "Individual Voucher Selection". This feature allows you to manually choose specific vouchers that you want to use for payment instead of selecting all vouchers at once. By using this feature, you can have more control over the payment process and select only the vouchers that are applicable or desired for a particular transaction.Rate this question:
- 8.
What reports are updated when you post the vouchers to the AP file?
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Open AP, Cash Requirement, Vedor History reports
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Voucher Edit, Open AP, Vendor Master File
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Vendor & PO register, Open AP, Vendor Edit report
Correct Answer
A. Open AP, Cash Requirement, Vedor History reportsExplanation
When you post the vouchers to the AP file, the reports that are updated include the Open AP report, which shows all outstanding invoices and credits for vendors, the Cash Requirement report, which helps in managing cash flow by showing the expected cash outflows for a given period, and the Vendor History report, which provides a comprehensive view of all transactions and payments made to a specific vendor. These reports are important for tracking and managing accounts payable activities.Rate this question:
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- 9.
Which among are AP Utilities?
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Clear AP Check Run
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Purge Zero Balance Vendor
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Tax Table Update
Correct Answer(s)
A. Clear AP Check Run
A. Purge Zero Balance VendorExplanation
Clear AP Check Run and Purge Zero Balance Vendor are both AP Utilities because they are specific tasks or functions that are designed to assist with managing accounts payable processes. Clear AP Check Run is a utility that allows for the clearing of checks that have been issued but not yet cashed, helping to reconcile outstanding payments. Purge Zero Balance Vendor is a utility that removes vendors with zero balances from the system, helping to maintain an accurate and up-to-date vendor list.Rate this question:
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- 10.
Where do you record the vouchers that are not yet paid and already paid before entry into the system? Check all that applies.
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Enter/Edit Non-Ap Voucher
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Enter/Edit AP Voucher
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Individual Voucher Selection
Correct Answer(s)
A. Enter/Edit Non-Ap Voucher
A. Enter/Edit AP VoucherExplanation
The correct answer is Enter/Edit Non-AP Voucher and Enter/Edit AP Voucher. These options allow you to record vouchers that are not yet paid and already paid before entry into the system. Individual Voucher Selection does not apply in this case as it is not used for recording vouchers.Rate this question:
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Current Version
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Mar 20, 2023Quiz Edited by
ProProfs Editorial Team -
May 13, 2011Quiz Created by
Manelleangeles
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