Accounts Payables Quiz

1. What is the primary purpose of an SOP (Standard Operating Procedure)?

• • To set company policies

• • To standardize processes and ensure consistency

• • To manage employee behavior

• • To reduce costs

1. Why are SOPs important in financial operations?

• • They ensure financial accuracy and compliance.

• • They help employees work faster.

• • They only focus on cutting costs.

• • They reduce the need for management oversight.

1. How do SOPs help in compliance and auditing?

• • By providing a documented process that can be followed and reviewed

• • By automating workflows

• • By assigning tasks to multiple employees

• • By increasing paperwork

4. What must be done before a vendor payment can be processed?

• • Vendor must submit a new contract

• • BPV (Bank Payment Voucher) must be approved

• • Vendor needs to provide a receipt

• • The SST must approve the payment

4. Who is responsible for preparing the Bank Payment Voucher (BPV)?

• • Accounts Team

• • Sales Team

• • SST

• • Higher Management

4. What must be checked before issuing a vendor check?

• • The vendor's tax certificate

• • VAT compliance

• • Customer credit limits

• • BPV approval and available budget

4. Who signs the vendor check?

• • Accounts Team

• • Higher management/signatory

• • SST

• • Vendor

4. What happens after a vendor check is issued?

• • The vendor’s account in Zoho Books is updated

• • The check is recorded manually

• • The vendor updates their profile

• • Accounts team needs to collect vendor feedback

4. What system is used to record vendor payments?

• • CRM

• • Zoho Books

• • Excel

• • Google Sheets

4. What key performance indicator (KPI) measures how quickly vendor payments are processed?

• • Timeliness of Cash Deposits

• • Invoice Creation Accuracy

• • Outgoing Payment Processing Time

• • Customer Satisfaction