AP Learning Check 1

jerume.urdaneta
Quiz by jerume.urdaneta, updated more than 1 year ago
jerume.urdaneta
Created by jerume.urdaneta almost 5 years ago
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Description

This Learning Check aims to gauge your overall knowledge of Accounts Payable procedures and specific instructions

Resource summary

Question 1

Question
The three building blocks of AP, which are also used in the 3-way match are:
Answer
  • Invoice, Purchase Requisition, Proforma Invoice
  • Vendor Invoice, Purchase Order, Delivery Receipt
  • Official Receipt, Summary, Bill of Lading
  • Sales Confirmation, Quotation, Summary of Discounts

Question 2

Question
What are the components of an effective AP process?
Answer
  • Timely processing of accurate & legitimate vendor invoices
  • Accurate recording in the appropriate G/L accounts, and
  • Accrual of obligations & expenses
  • All of the Above

Question 3

Question
Sales tax is a state or local tax on sale of products or services, based on the percentage of sales price. In accounting, the sales taxes collected by the seller of the goods or services are not __________ for the seller.
Answer
  • revenues
  • assets
  • loan
  • interests

Question 4

Question
A ___________________ is prepared by a company to communicate and document precisely what the company is ordering from a vendor.
Answer
  • Purchase Summary
  • Sales Invoice
  • Purchase Order
  • Purchase Requisition

Question 5

Question
When all documents are in agreement, we can say that they are ___________________________.
Answer
  • perfect match
  • go together
  • accurate
  • within contract

Question 6

Question
What is the system document number series generated when a credit note is successfully posted to a G/Account
Answer
  • 45xxxxxxxxx series
  • 70xxxxxxxx series
  • 30xxxxxxxx series
  • 31xxxxxxxx series

Question 7

Question
The process of storing documents, linking them to a SAP business object and making them accessible from the corresponding SAP business transaction is called ____________________________________.
Answer
  • Scanning and Archiving
  • Splitting and Merging
  • Scanning and Indexing
  • Indexing and Posting

Question 8

Question
The Rules of Thumb to consider prior to scanning the invoice into SAP are:
Answer
  • 1. Make sure the invoice is valid 2. The document is in acceptable file format (pdf, tif or jpg) and 3. Only 1 invoice per document -- otherwise split
  • 1. Make sure the invoice is in proforma 2, Acceptable currency is USD 3. Multiple copies of invoices in 1 jpg file is acceptable
  • 1. Invoice is split if multiple copies 2. Approval from vendor indicated on the invoice 3. Coding instructions supplied
  • 1. Scan multiple documents at one go to lessen the processing time 2. Manually stamp date of receipt on the invoice 3. Do not accept Invoice copy received via EDI

Question 9

Question
In the reversal screen, I will indicate TODAY’s date (the time the reversal is being made) in the Posting date field IF the reversal reason being used is 02.
Answer
  • True
  • False

Question 10

Question
5. The [blank_start]Escalation Matrix[blank_end] is AP’s reference document which guides AP processors on when and how to escalate open items.
Answer
  • Escalation Matrix
  • Vendor List
  • Special G/L list
  • Skills Matrix
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