Preview Questions Accounts Payable/Receivable Clerk | Role Specific Skill

Question 1: What is the correct method for handling payments made by credit card in payment reconciliation?

Which action should you take?

Choose only one option

By treating credit card payments as direct deposits

By recording the payment under the correct vendor and verifying transaction fees

By excluding credit card payments from the reconciliation process

By allocating credit card payments to the general ledger

Question 2: What is the purpose of reconciling payment terms between the supplier and the accounts payable ledger?

Which action should you take?

Choose only one option

To ensure the correct invoice amount is paid.

To assess the accuracy of the company's bank balance.

To avoid duplicate payments to suppliers.

To ensure that discounts are accounted for accurately.

Question 3: What is a common cause of discrepancies in payment reconciliation between the accounts payable ledger and the bank statement?

Which action should you take?

Choose only one option

Incorrect payment amounts in the invoices.

Timing differences in check clearing and deposits.

Errors in vendor contact details.

Errors in calculating sales tax on invoices.

Question 4: How would you handle a discrepancy between a payment and an invoice during reconciliation?

Which action should you take?

Choose only one option

By immediately rejecting the payment without further review

By investigating the transaction and making necessary adjustments

By ignoring the discrepancy as long as the total matches

By applying the payment to another invoice

Question 5: When is it appropriate to apply a "payment hold" to an invoice?

Which action should you take?

Choose only one option

When there is a lack of funds.

When the vendor requests a payment adjustment.

When there is a dispute with the supplier or incomplete documentation.

When there is insufficient stock.

Question 6: How do you reconcile payments when a customer sends an overpayment?

Which action should you take?

Choose only one option

Ignore the overpayment and proceed with payment.

Record the overpayment as revenue.

Apply the overpayment to future invoices.

Refund the overpayment immediately.