ARS Quiz

An official document that requests payment from a customer for goods or services provided is called a(n) _____.

A customer with an outstanding balance means they have an amount that is _____.

• Already paid in full

• Still unpaid

• Written off

• Refunded

If a payment is not made by the due date, the invoice is considered _____.

A payment reminder is sent to customers to _____.

• Inform them of their new order

• Notify them of an overdue invoice

• Offer a discount

• Request new bank details

The process of matching transactions in the company’s bank account with records in the accounting system is called _____.

• Posting a Payment

• Bank Reconciliation

• Write-off

• Credit Note

Which of the following would be issued if a company wants to reduce the amount a customer owes on an invoice?

A trader is someone who _____.

• Sells products or services

• Issues invoices

• Manages bank reconciliations

• Pays outstanding balances

If a customer makes a partial payment, it means they have _____.

• Paid the invoice in full

• Paid part of the total amount due

• Requested a refund

Which document serves as the formal record of an agreement to purchase goods or services before invoicing?

A client has an outstanding balance of $12,500, with $5,000 overdue by 30 days. What should your next step be?

• Write off the debt

• Issue a payment reminder

• Send a new invoice

• Ignore and wait for the client to pay