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QuickBooks Chapter 07 Test with Certified Solutions

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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 inve... ntory 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 [Show More]

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