You are an accounting intern and today you are compiling a spreadsheet with column headings of: Invoice number; Customer number; 90 days. You will list every unpaid invoice with the amount owed entered into the appropriate column based on the number of days between the sale date and today. Once you have completed that, you will sort the report by customer number and total the amounts listed in each column. What is this report called? A) Credit report B) Aging schedule C) Risk assessment report D) Turnover delineation E) Receivables consolidation report

Question

You are an accounting intern and today you are compiling a spreadsheet with column headings of: Invoice number; Customer number; < 30 days; 31-60 days; 61-90 days; > 90 days. You will list every unpaid invoice with the amount owed entered into the appropriate column based on the number of days between the sale date and today. Once you have completed that, you will sort the report by customer number and total the amounts listed in each column. What is this report called?
A) Credit report
B) Aging schedule
C) Risk assessment report
D) Turnover delineation
E) Receivables consolidation report

Quizplus · Accepted Answer

The report described is an aging schedule, which tracks how long invoices have gone unpaid and categorizes them based on time periods. This allows for a better understanding of the company's accounts receivable and helps identify any potential cash flow issues. The other options listed (credit report, risk assessment report, turnover delineation, and receivables consolidation report) are not accurate descriptions of this specific report.

You Are an Accounting Intern and Today You Are Compiling