QuickBooks Chapter 07 Test with
Certified Solutions
1.The Cost of Goods Sold in the Profit and Loss account increases when you sell a product.
✔✔True
2: There is no limit to the number of inventory products you can e
...
QuickBooks Chapter 07 Test with
Certified Solutions
1.The Cost of Goods Sold in the Profit and Loss account increases when you sell a product.
✔✔True
2: There is no limit to the number of inventory products you can enter in QuickBooks Online.
✔✔True
3: The difference between the cost and the sales price is an expense. ✔✔false
4: You can verify goods were NOT received without applying the receipt of inventory to a
purchase order. ✔✔true
5: QuickBooks Online can receive incomplete orders by leaving the purchase order until the
complete order has arrived. ✔✔false
6: When you give a refund to a customer, you must issue a refund receipt. ✔✔True
7: When you first set up sales tax, you also set up the Sales Tax Receivable Liability account.
✔✔False
8: Which account on the balance sheet increases when you purchase products to sell?
✔✔Inventory
9: What happens to the Cost of Goods Sold account when you sell an item? ✔✔It increases by
the amount you paid for it.
10: What type of transaction is a purchase order? ✔✔non-posting transactions
11: Which of the following is NOT an option when receiving inventory ordered on a purchase
order and closing the purchase order? ✔✔Creating an invoice and marking it paid
12: When might you have to record a vendor credit? ✔✔all of these options
13: What happens if the sales tax rate changes and you edit the existing one in QuickBooks
Online? ✔✔Your history will change
14: You use the customer _____ form to issue a credit to a customer who has been overbilled.
✔✔Credit Memo
15: Where do you enter the sales tax for the sale of a special order? ✔✔In the Tax field on the
invoice
16: You enable inventory tracking in QuickBooks Online using the _____ portion of the Account
and Settings menu. ✔✔Sales
17: Match these QuickBooks Online forms with when they're used. ✔✔Credit Memo- applies to
open invoices; reduces the amount due.
Refund Receipt- This is used when returning money to a customer for a product that been paid
for and returned
New Inventory- this is used for setting up a standard inventory item
Inventory Qty Adjustment- This is used for matching actual product counts with amount in
Quickbooks Online
18: Match these QuickBooks Online terms with their best descriptions. ✔✔Non-Inventory
product- A special order for a customer
FIFO- A method of inventory valuation
Inventory- Products stocked, tracked, and sold to customers
Inventory Adjustment- May be needed for broken or sp
19: Match these QuickBooks Online features with when they are used. ✔✔Pay Bills- Used for
applying a credit to payment
Vendor Credit- Used for applying a credit for the return of damaged shipment
Credit Memo- Used when a customer has been overbilled
Refund Receipt- used when a customer return a product and receives money in return
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