Assessment: Account Payable module

Questions 1 and 2 are based on the SupplyIt Limited Accounts Pyable

reconciliation in the “Your turn to practice” exercise

1. What is the balance per the subledger at 31 December 2021?

a) $12,581,598.40
b) $6,602,534.80
c) $4,001,162.00
ANS : A

2. What is the AR balance per the company’s general ledger at 31 December 2021?
a) $6,878,904.80
b) $6,195,040.70
c) $12,786,568.20
ANS: C

3. What are likely reasons for differences between the subledger balance and the company’s
general ledger balance?
a) Invoices posted directly to the general ledger
b) Invoices and credit note posted directly to the general ledger
c) Credit notes posted directly to the general ledger
ANS: B

4. If you are starting with the reconciliation with the subledger balance, how would you treat
credit notes in the reconciliation that were included in the GL but not in the subledger?
a) Add
b) Subtract
c) Do not include in the reconciliation
ANS: B

5. If you are starting with the reconciliation with the subledger balance, how would you treat
invoices in the reconciliation that are in the general ledger but not in the subledger?
a) Add
b) Subtract
c) Do not include it in the reconciliation
ANS: A

6. What is a debit note?

a) a document used to record a transaction between a buyer and seller.
b) A document showing the details of the transaction and amounts owed to each
supplier.
c) A document received from the supplier to indicate a reduction in the amount to be
paid
ANS: C