Invoice Quiz: 20 Questions for Beginners

QuickBooks Online USA (Free Trial / Discount) → https://geni.us/quickbooksonlineusa QuickBooks Online Canada (Free Trial / Discount) → https://geni.us/quickbooksonlinecanada How well do you really understand invoices? Let’s find out. In this quiz, you’ll answer 20 multiple-choice questions covering everything you need to know about invoices and the sales process, from quotes and purchase orders through to payments and receipts. Whether you’re a student, bookkeeper or small business owner, this is a great way to test your knowledge and sharpen your accounting basics. Can you score 20 out of 20? Play along and drop your score in the comments when you’re done. 🔴Subscribe for more Accounting Tutorials → https://geni.us/subtothechannel ⏱️TIMESTAMPS 00:00 - Intro 00:19 - Q1: What is the main purpose of a Traditional Invoice? 00:49 - Q2: What does “PO” stand for? 01:09 - Q3: Which of the following is not typically included on a Quote? 01:37 - Q4: Who usually issues an Invoice? 01:55 - Q5: Who usually issues a Purchase Order? 02:15 - Q6: Who usually issues a Receipt? 02:33 - Q7: What is the typical order of the Sales Process? 03:07 - QuickBooks Online 04:00 - Q8: Why do invoices have Invoice Numbers? 04:29 - Q9: “Net 7,” “Net 30,” and “EOM” are all types of ______. 04:52 - Q10: “Net 30” means the invoice is due ______. 05:18 - Q11: What does "EOM" stand for? 05:38 - Q12: When a business issues a sales invoice to a customer, which account increases? 06:03 - Q13: When a business issues a payment for a supplier invoice, which account decreases? 06:32 - Q14: What is the main purpose of a Credit Note? 06:55 - Q15: Which of the following is not a valid reason to issue a credit note? 07:24 - Q16: A customer issues a partial payment for a sales invoice. How does this impact Accounts Receivable? 07:55 - Q17: A business issues a Sales Invoice for work completed this month, but the customer will pay next month. Under accrual accounting, when should the revenue be recognised? 08:31 - Q18: A business receives a Supplier Invoice for services received the previous month, but will pay the supplier next month. Under accrual accounting, when should the expense be recorded? 09:06 - Q19: A business accidentally overcharges a customer on a sales invoice due to a pricing error. What should they do to correct it? 09:38 - Q20: A business accidentally enters a Supplier Invoice twice in its accounting system. What problem does this create? 10:16 - Bonus Question: 🔎FAQ ▪ My Favourite Accounting Book for Beginners → http://geni.us/5mKR7m 🔝 CLOUD ACCOUNTING SOFTWARE ▪ XERO (Free Trial / Discount) → https://xero5440.partnerlinks.io/08mfchsgfw8z ▪ QuickBooks Online USA (Free Trial / Discount) → https://geni.us/quickbooksonlineusa ▪ QuickBooks Online Canada (Free Trial / Discount) → https://geni.us/quickbooksonlinecanada 🚶FOLLOW ME ON ▪ Instagram → https://www.instagram.com/accountingstuff ▪ TikTok → https://www.tiktok.com/@accounting_stuff ▪ Facebook → https://www.facebook.com/accountingstuff ________________________ DISCLAIMER Some of the links above are affiliate links, where I earn a small commission if you click on the link and purchase an item. You are not obligated to do so, but it does help fund these videos in hopes of bringing value to you! ________________________ #accounting #accountingbasics #accountingstuff