Preview Questions Accounts Payable/Receivable Clerk | Role Specific Skill

Question 1: What feature in accounting software helps with early payment discount management?

Which action should you take?

Choose only one option

Software only records payments; discounts must be calculated manually.

Discounts are applied manually during invoice processing and are not tracked by the software.

Early payment discounts cannot be handled by accounting software; they are dealt with separately.

The system tracks payment dates and alerts users about available discounts before payment.

Question 2: How do you ensure compliance with internal company policies while dealing with suppliers?

Which action should you take?

Choose only one option

Suppliers are responsible for following policies, not the accounts payable team.

Follow internal procedures for approving payments, ensuring they are documented and aligned with supplier agreements.

Trust suppliers to adhere to the company's policies without oversight.

Only involve internal procedures when making large payments.

Question 3: What functionality does accounting software offer to manage recurring payments and subscriptions?

Which action should you take?

Choose only one option

It automatically tracks subscription renewals.

It consolidates all payments into one monthly invoice.

It integrates with third-party software for invoicing.

It allows you to schedule and track recurring payments.

Question 4: How do you handle foreign currency payments during reconciliation?

Which action should you take?

Choose only one option

Convert the payment into the home currency at the exchange rate on the date of the transaction.

Foreign currency payments are not reconciled until the end of the month.

Use the rate provided by the bank and ignore daily fluctuations.

Ignore foreign currency payments unless they are a large amount.

Question 5: What is the role of technology in improving supplier relations for accounts payable processes?

Which action should you take?

Choose only one option

It helps streamline communication and provides visibility on payment status.

It is only useful for automating invoice receipt.

It automates payment processing but does not improve communication.

It eliminates the need for supplier engagement.

Question 6: In the context of payment processing, how does accounting software handle partial payments?

Which action should you take?

Choose only one option

It automatically cancels the invoice after partial payment.

It adjusts the payment terms based on the partial payment.

It automatically adjusts the outstanding balance on the invoice.

It flags partial payments for manual review.