Asked by Jazmyn Martinez on May 27, 2024
Verified
Which is NOT true regarding the Accounts Payable Aging Report?
A) It provides information to track amounts we owe our vendors.
B) It summarizes accounts payable balances by age of the account.
C) It tracks how much we owe vendors and the amounts due including past due balances.
D) It ensures a company is aware of the credit limit it has with each vendor.
Accounts Payable Aging Report
A report that categorizes a company's payable bills by their due dates to manage and monitor its debts more effectively.
Vendors
Businesses or individuals that supply goods or services to another business or entity.
Credit Limit
The maximum amount of credit that a lender will extend to a borrower, which determines how much can be borrowed or spent on a credit account.
- Undertake the management of accounts payable, incorporating the tracking and reporting of expenditures.
- Acknowledge the common errors and false beliefs about vendor management in QuickBooks Online.
Verified Answer
CM
Ciala ManagadzeMay 31, 2024
Final Answer :
D
Explanation :
The Accounts Payable Aging Report does not provide information about the credit limit a company has with each vendor. It only tracks the amounts owed to vendors by age of the account.
Learning Objectives
- Undertake the management of accounts payable, incorporating the tracking and reporting of expenditures.
- Acknowledge the common errors and false beliefs about vendor management in QuickBooks Online.