Accounts Payable Quiz

What is the first step in understanding your role in accounts payable?

• Read the hotel’s purchasing policies

• Know your job, duty, and responsibility

• Prepare logs for audit

• Process supplier invoices

Which document should be read to understand the financial procedures?

• Supplier invoices

• Archipelago Financial & Accounting Manual

• General ledger

• Payment proposals

What is required for processing supplier invoices?

• Approval according to hotel policies

• Department head's email

• Direct manager's signature

• Supplier's verbal confirmation

What does a '3-way match' refer to in accounts payable?

• Matching supplier invoices with employee claims

• Matching unpaid invoices with paid invoices

• Matching purchase orders, receiving documents, and invoices

• Matching invoices with bank statements

How long must records of unpaid supplier invoices be retained?

• Indefinitely

• Five years

• Ten years

• One year

What should be done with paid invoices?

• They should be discarded

• They should be sent back to suppliers

• They should be printed and filed

• They should be stored based on reference code

What is the purpose of the aging of accounts payable report?

• To pay vendors based on maturity and age of payable

• To analyze supplier performance

• To track employee expenses

• To reconcile bank statements

What is the preferred method of payment to suppliers?

• Cheque

• Credit card

• Biljet giro

• Cash

What should be done with spoiled or voided checks?

• They should be returned to the bank

• They should be effectively cancelled and filed

• They should be destroyed

• They should be reused

What is the timeframe for processing employee expense claims?

• Within 3 business days

• Within 5 business days

• Within 7 business days

• Within 10 business days