Account Payable Quiz

Payables in the balance sheet can be classified as which of the following….

• Asset

• Debentures

• Liabilities

• Equity

Functions of Account Payable includes the following except………

• Invoice processing

• Payment processing

• Record keeping

• Preparing financial statement

The major goal of cost control is ………

• Cost leadership

• Forecasting

• Profit maximization

• Trade collections

Which is not part of clearing cost?

• SON

• Stevedoring

• CFRN

• NAFDAC

Trade payables includes the following except……

• Purchase of diesel

• Payment to spares vendor

• Renting of barges

• Purchase of cranes

Medlog business line includes the following except

• Clearing

• Shipping

• Transport

• Terminal

Apapa/Ikoyi cost center is......

• NGLAGD1300

• NGLAGA1100

• NGLAGB2200

• NGLAGC2100

Precoro & Fleetio can be used for.......

• Invoice Processing

• Payment requisition

• Purchase requisition

• Vendor reconciliation

The first 2 stages for Account Payable workflow process are

• Verification & Payment

• Vendor procurement & Creation

• Vendor procurement & payment

• Vendor procurement & verification

What is the primary purpose of the accounts payable process in a business?

• To track employee salaries and wages

• To record and manage incoming revenue

• To monitor and control the company's expenses

• To manage customer relationships and sales