Skip to contentMCQ Set 1: Invoices
- What is an invoice?
- A) A document that requests payment for goods or services provided
- B) A document that confirms payment has been received
- C) A document that logs customer complaints
- D) A document that details employee working hours
- Answer: A) A document that requests payment for goods or services provided
- Which of the following information is typically included on an invoice?
- A) Payment terms
- B) Employee salaries
- C) Product warranty details
- D) Customer feedback
- Answer: A) Payment terms
- What is the purpose of an invoice number?
- A) To track the shipment of goods
- B) To uniquely identify each invoice for record-keeping
- C) To provide a discount to the customer
- D) To schedule the delivery time
- Answer: B) To uniquely identify each invoice for record-keeping
- Which document should be issued if an invoice contains an error?
- A) Credit note
- B) Debit note
- C) Payment receipt
- D) Purchase order
- Answer: A) Credit note
- What does “net 30” mean on an invoice?
- A) Payment is due within 30 days of the invoice date
- B) A 30% discount is applied to the total amount
- C) The invoice is for 30 items
- D) Payment should be made in 30 installments
- Answer: A) Payment is due within 30 days of the invoice date
MCQ Set 2: Receipts
- What is a receipt?
- A) A document that requests payment for goods or services
- B) A document that confirms payment has been received
- C) A document that lists employee working hours
- D) A document that details inventory levels
- Answer: B) A document that confirms payment has been received
- Which information is typically found on a receipt?
- A) Terms and conditions of sale
- B) Detailed product specifications
- C) Payment method used
- D) Future order details
- Answer: C) Payment method used
- What is the main purpose of issuing a receipt?
- A) To track inventory levels
- B) To confirm and document the completion of a transaction
- C) To request additional payment
- D) To schedule future payments
- Answer: B) To confirm and document the completion of a transaction
- In the event of a return, which document is often required by the seller?
- A) Invoice
- B) Receipt
- C) Delivery note
- D) Credit note
- Answer: B) Receipt
- What typically happens if a receipt is lost?
- A) The transaction is voided
- B) The customer may not be able to return or exchange the product
- C) The customer must make a new purchase
- D) The receipt is automatically regenerated
- Answer: B) The customer may not be able to return or exchange the product
MCQ Set 3: Transaction Logs
- What is a transaction log?
- A) A document that requests payment for goods or services
- B) A document that confirms payment has been received
- C) A record of all transactions made over a period of time
- D) A document detailing product specifications
- Answer: C) A record of all transactions made over a period of time
- Why are transaction logs important in accounting?
- A) They provide promotional information to customers
- B) They help track and verify financial transactions for accuracy
- C) They are used to schedule employee shifts
- D) They serve as a product catalog
- Answer: B) They help track and verify financial transactions for accuracy
- Which of the following is commonly found in a transaction log?
- A) Invoice amounts and dates
- B) Customer feedback
- C) Employee performance reviews
- D) Marketing campaign results
- Answer: A) Invoice amounts and dates
- What is the purpose of a timestamp in a transaction log?
- A) To record the exact time a transaction occurred
- B) To calculate the total amount due
- C) To apply discounts
- D) To identify the payment method used
- Answer: A) To record the exact time a transaction occurred
- In database management, what is the role of a transaction log?
- A) To provide a backup for data recovery in case of a failure
- B) To design the database schema
- C) To optimize query performance
- D) To schedule database maintenance tasks
- Answer: A) To provide a backup for data recovery in case of a failure
