Accounts Payable Test Review

The Accounts Payable subsidiary account is for

• money people owe your business

• fun

• keeping track of what you've earned

• the money your business owes

Person or business which provides goods and services to a company

• Retailer

• wholesaler

• Vendor

• tradesman

Business receives goods or services and promises to pay at a later date

• charge slip

• accounts receivable

• accounts payable

• purchase on account

Document which authorizes a buyer to purchase goods/services from a seller

• vendor invoice

• charge slip

• purchase order

• signature card

Document provided to companies once they buy goods/services on account

• vendor invoice

• charge slip

• receipt

• bank statement

Document or file which provides information about company vendors

• chart of accounts

• bank statement

• purchase order

• vendor file

Provides information about when an invoice is due.

Example: Net 30

• bank statement

• general journal

• charge slip

• credit terms

Used to indicate the goods listed on the purchase order which were actually received

• receiving report

• inventory

• charge slip

• general journal

List of all amounts owed from previous invoices

• chart of accounts

• bank statement

• vendor statement

• general journal

This list is used to ensure accounts payable entries are recorded and paid properly.

• Accounts Payable Schedule

• General Ledger

• Purchasing Order

• Receiving Report