ACCOUNTS PAYABLE GUARANTEED PASS USING UPDATED
QUESTIONS AND VERIFIED ANSWERS
What comes first when placing an order with a vendor? ANSWER The
merchant receives a purchase order.
First Step: A purchase order is sent by the business to the vendor.
Step 2: The business completes a receiving report.
Third Step: Using the data from the receiving report, the vendor issues a vendor
invoice.
Fourth Step: To make sure they are same, the business compares the purchase
order, receiving report, and invoice.
Fifth Step: The accounts payable division receives the invoice.
Sixth Step: Prior to payment, the invoice is approved.
If Bargain Boots receives their $500 rent bill each month, which will be paid
later, which of the following is the appropriate journal entry? - ANSWER
Credit: Accounts Payable ($500); Debit: Rent Expense ($500)
Which of the following best describes the fact that the items specified on a
purchase order were delivered? ANSWER Getting the report
Report received: ANSWER It is important to match the details on the corporate
purchase order with the quantity and description of the good listed on the
receipt report.
The vendor invoice will be compared to the receiving report and purchase order
data following their inspection and reconciliation.
Purchase report: ANSWER authorisation for planned purchase order execution
What kind of document gives a buyer permission to accept products or services
from a seller? ANSWER Purchase order
Order for Purchase: Response usually contains the following details: PO
number, date of preparation, company name, vendor name, business contact
details, item description, quantity, unit prices, delivery method, date required,
and other relevant information.
QUESTIONS AND VERIFIED ANSWERS
What comes first when placing an order with a vendor? ANSWER The
merchant receives a purchase order.
First Step: A purchase order is sent by the business to the vendor.
Step 2: The business completes a receiving report.
Third Step: Using the data from the receiving report, the vendor issues a vendor
invoice.
Fourth Step: To make sure they are same, the business compares the purchase
order, receiving report, and invoice.
Fifth Step: The accounts payable division receives the invoice.
Sixth Step: Prior to payment, the invoice is approved.
If Bargain Boots receives their $500 rent bill each month, which will be paid
later, which of the following is the appropriate journal entry? - ANSWER
Credit: Accounts Payable ($500); Debit: Rent Expense ($500)
Which of the following best describes the fact that the items specified on a
purchase order were delivered? ANSWER Getting the report
Report received: ANSWER It is important to match the details on the corporate
purchase order with the quantity and description of the good listed on the
receipt report.
The vendor invoice will be compared to the receiving report and purchase order
data following their inspection and reconciliation.
Purchase report: ANSWER authorisation for planned purchase order execution
What kind of document gives a buyer permission to accept products or services
from a seller? ANSWER Purchase order
Order for Purchase: Response usually contains the following details: PO
number, date of preparation, company name, vendor name, business contact
details, item description, quantity, unit prices, delivery method, date required,
and other relevant information.
