Test Your Knowledge About Billing And Invoice! Trivia Quiz

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| By Timothy Johnson

Timothy Johnson

Community Contributor

Quizzes Created: 9 | Total Attempts: 3,727

Questions: 5 | Attempts: 1,189 | Updated: Mar 21, 2023

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

Explanation
A collective billing document is used when there are multiple deliveries involved, and it combines all the invoices into a single document. On the other hand, an individual billing document is specifically for a single delivery, and it generates a separate invoice for that particular delivery.

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2.

Which of the following is not a billing type?
- A.
  
  Invoice
- B.
  
  Credit Memo
- C.
  
  General Ledger Document
- D.
  
  Pro Forma Invoice
Correct Answer
C. General Ledger Document

Explanation
A General Ledger Document is not a billing type because it is a record of all financial transactions within an organization, including both revenue and expenses. It is used for accounting and financial reporting purposes, but it does not involve the process of billing customers or clients for products or services rendered. In contrast, an invoice, credit memo, and pro forma invoice are all billing types that are used to request payment or provide documentation of a transaction.

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

Explanation
An invoice list refers to a compilation of multiple billing documents, including invoices, credit memos, and debit memos, that are sent to a payer at specific time intervals or on specific days. This list provides a comprehensive overview of all the billing transactions made with the payer within a given timeframe. It does not specifically pertain to pre-formatted invoices for repeat orders or purchase orders.

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4.

You can change any data in an individual billing documents once it is part of an invoice list.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
Once a billing document is part of an invoice list, you cannot change any data in it. This is because an invoice list is a collection of billing documents that have been grouped together for processing purposes. Once a billing document is added to an invoice list, it becomes locked and cannot be modified. Therefore, the statement is false.

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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
Correct Answer
D. An invoice has been sent out to a customer, but a payment has not yet been received

Explanation
An "open item" in a customer account indicates that an invoice has been sent out to a customer, but a payment has not yet been received. This means that the customer still has an outstanding balance and the payment is pending. It is important for businesses to track open items in customer accounts to ensure timely payment and to maintain accurate financial records.

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Current Version
Mar 21, 2023

Quiz Edited by
ProProfs Editorial Team
Jun 21, 2011

Quiz Created by
Timothy Johnson

Test Your Knowledge About Billing And Invoice! Trivia Quiz

What is the difference between a collective billing document and an individual billing document?

Which of the following is not a billing type?

What is an invoice list?

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

What does an “open item” in a customer account indicate?