ACCOUNTS PAYABLE EXAM CORRECT ANSWERS TO NEW EXAM QUESTIONS FOR SURE SUCCESS

ACCOUNTS PAYABLE CORRECT ANSWERS TO NEW EXAM
QUESTIONS FOR SURE SUCCESS




Accounts Payable is a current __________ account in the general ledger.
ANSWER liability

The average balance for accounts payable is __________. ANSWER credit


With a ____ input, the amount in Accounts Payable is reduced. ANSWER debit

On the buyer's books, an account payable should be __________ on the seller's
books. The answer is still pending.

Another name for accounts payable is __________ payables. ANSWER trade

The acronym for __________ __________ is PO. Purchase Order Response

Another name for suppliers is __________. ANSWER suppliers

A __________ is a form or record that is occasionally used to compile the
paperwork and approvals required to settle a vendor's invoice. ANSWER
voucher

The following are involved in the three-way match:

-the business's ____ order,

-the __________ of the vendor, and

- the business's ticket or __________ report. ANSWER purchase

invoice

obtaining