Test Your Knowledge About Billing And Invoice! Trivia Quiz

5 Questions | Total Attempts: 586

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Test Your Knowledge About Billing And Invoice! Trivia Quiz - Quiz

Are you looking for a way to test your knowledge about billing and invoicing? There are different types of invoices that can be given out, and they are differentiated by checking the contents. A wrong bill can lead to a lot of misstatements. The quiz below will test your understanding of different invoices. Do give it a shot and increase your understanding of your practice.


Questions and Answers
  • 1. 
    What is the difference between a collective billing document and an individual billing document?
    • A. 

      A collective document is for multiple deliveries, an individual document is a single invoice for a single delivery.

    • B. 

      A collective document is for 1 delivery, an individual document is for a group of deliveries combined in a single invoice.

    • C. 

      A collective document is a template used for a collection of vendors; an individual document is for a one-time purchase from a new vendor.

    • D. 

      None of the above.

  • 2. 
    Which of the following is not a billing type?
    • A. 

      Invoice

    • B. 

      Credit Memo

    • C. 

      General Ledger Document

    • D. 

      Pro Forma Invoice

  • 3. 
    What is an invoice list?
    • A. 

      A list of all pre-formatted invoices generated for repeat orders from a specific customer for a specified time period.

    • B. 

      A list of several billing documents (invoices, credit and debit memos) sent to a payer at specific time intervals or on specific days.

    • C. 

      A list of all purchase orders generated for a specific time period, broken down by vendor and document type (invoices, credit and debit memos)

    • D. 

      None of the above.

  • 4. 
    You can change any data in an individual billing documents once it is part of an invoice list.
    • A. 

      True

    • B. 

      False

  • 5. 
    What does an “open item” in a customer account indicate?
    • A. 

      Instances when one of the purchase documents is missing for an order

    • B. 

      Invoices or other documents that have incomplete fields that must be filled in for processing to continue

    • C. 

      Holds on invoices for vendors who have not yet paid an earlier invoice.

    • D. 

      An invoice has been sent out to a customer, but a payment has not yet been received