Podcast
Play an AI-generated podcast conversation about this lesson
Download our mobile app to listen on the go
Get App
Questions and Answers
What are the five statuses that an invoice can take on?
What are the five statuses that an invoice can take on?
- Draft, Open, Paid, Voided, Uncollectible (correct)
- Pending, Finalized, Paid, Deleted, Uncollected
- Draft, Pending, Paid, Voided, Unpaid
- Draft, Open, Paid, Voided, Unpaid
What happens to an open invoice with an amount due less than the minimum chargeable amount?
What happens to an open invoice with an amount due less than the minimum chargeable amount?
- It is marked as void and cannot be paid
- It automatically transitions to paid status and debits the amount from the customer's credit balance (correct)
- It remains in open status but cannot be paid
- It remains in open status until paid
When can you void an invoice?
When can you void an invoice?
- Only when it's in the draft status or uncollectible status
- Only when it's in the voided status
- Only when it's in the uncollectible status
- Only when it's in the open status (correct)
What happens when an invoice is marked as uncollectible?
What happens when an invoice is marked as uncollectible?
Signup and view all the answers
Can draft invoices be deleted?
Can draft invoices be deleted?
Signup and view all the answers
Flashcards are hidden until you start studying
Study Notes
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
