
Accounting Practices and Procedures
Interactive Video
•
Business, Education, Computers
•
9th - 12th Grade
•
Practice Problem
•
Hard
Sophia Harris
FREE Resource
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10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary purpose of an accounts receivable ledger?
To show the total amount owed by customers
To track expenses
To calculate taxes
To manage employee salaries
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the example provided, how much does the company 'Food and Food' owe?
$25,000
$5,000
$50,000
$1,500
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What formula is used to display today's date in the ledger?
NOW()
CURRENT_DATE()
TODAY()
DATE()
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How can you calculate the due date for an invoice?
By adding 30 days to the invoice date
By subtracting days from the invoice date
By using a fixed date
By adding a specified number of credit days to the invoice date
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens if a customer makes a part payment?
The full amount is marked as paid
The part payment is ignored
The invoice is canceled
The balance due is adjusted accordingly
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which formula is used to calculate the balance due?
A simple plus and minus formula
MINUS()
AVERAGE()
SUM()
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What should you do if a customer makes a full payment?
Delete the invoice
Enter the full payment amount
Leave the payment section blank
Enter zero in the payment section
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