Question 7: Match these reports with what they produce.

Accounts Payable Aging Summary Vendor Balance Summary Accounts Payable Aging Detail Transaction List by Vendor

Displays vendor business for a given time period Shows overdue bills Similar to Accounts Payable Aging Summary but in a different format Show unpaid bills

Question 8: What accounting method records income when a sale is made and records an expense when it is incurred?

Answer:

A.

Cash basis

B.

Accrual basis

C.

Both A and B

D.	None of these options

Question 9: A bill form will always credit _____.

Answer:

A.

Accounts Receivable

B.

Checking

C.

Owners Equity

D.

Accounts Payable