Intermediate Level Accounts Payable Quiz
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An accounts payable specialist is tasked with reconciling the company's accounts payable ledger with the general ledger. Which of the following is the MOST important step in this process?

  • Ensuring that all vendor invoices have been properly recorded in the accounts payable ledger
  • Contacting vendors to obtain copies of outstanding invoices
  • Verifying that all payments to vendors have been accurately recorded in the general ledger
  • Identifying any discrepancies between the accounts payable ledger and the general ledger (correct)

    • An accounts payable manager is reviewing a vendor invoice and notices that the quantity of goods received does not match the quantity listed on the invoice. What is the MOST appropriate action the manager should take?

  • Reject the invoice and request a revised invoice from the vendor (correct)
  • Withhold payment until the discrepancy is resolved with the vendor
  • Contact the vendor to request a credit memo for the overcharged amount
  • Approve the invoice and make the payment, as the discrepancy is likely a minor issue

    • An accounts payable specialist is tasked with researching a missing vendor invoice. Which of the following steps should the specialist take FIRST?

  • Search the company's accounts payable files and records for the missing invoice (correct)
  • Notify the accounts payable manager of the missing invoice
  • Review the company's purchase order records to locate the missing invoice
  • Contact the vendor to request a copy of the missing invoice

    • An accounts payable manager is reviewing a vendor invoice and notices that the invoice date is several months old. Which of the following is the MOST likely reason for the delayed invoice?

    <p>The goods or services were not received by the company in a timely manner</p> Signup and view all the answers

    An accounts payable specialist is reviewing a vendor invoice and notices that the total amount on the invoice does not match the calculated total based on the unit prices and quantities. What is the MOST appropriate action the specialist should take?

    <p>Contact the vendor to request a revised invoice with the correct total amount</p> Signup and view all the answers

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