Invoice Status and Handling Quiz
3 Questions
2 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is the status of an invoice when a customer pays for it?

  • Draft
  • Open (correct)
  • Voided
  • Uncollectible
  • What is the purpose of voiding an invoice?

  • To finalize the invoice
  • To mark it as paid
  • To make it zero-value for reporting purposes (correct)
  • To write it off
  • When can an invoice be voided?

  • When it is draft
  • When it is open (correct)
  • When it is paid
  • When it is uncollectible
  • Study Notes

    • An invoice goes through five statuses: draft, open, paid, voided, and uncollectible.
    • You can finalize an invoice, mark it as paid, or void it.
    • When a customer pays for an invoice, the invoice moves into the paid status.
    • Voided invoices are treated as zero-value for reporting purposes.
    • You can only void invoices when they’re open or uncollectible.
    • Uncollectible invoices are written off.

    Studying That Suits You

    Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

    Quiz Team

    Description

    Test your knowledge about different statuses of an invoice, and the actions that can be taken to change its status, from draft to open, paid, voided, or uncollectible. Explore the implications of these statuses on reporting and the handling of unpaid invoices.

    More Like This

    Use Quizgecko on...
    Browser
    Browser