QuickBooks Chapter 6 Test with Certified Solutions

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QuickBooks Chapter 6 Test with Certified Solutions The Inventory Part window consists of two sides: one for sales information and one for purchase information ✔✔True Inventory tracking is auto... matically activated when you create a company file ✔✔False In QuickBooks, non-inventory parts are tracked in the same way as inventory parts ✔✔False QuickBooks automatically creates your Sales Tax Liability account for you ✔✔True You can set a default tax rate for the company but NOT for individual customers ✔✔False Luckily, you don't have to know your state's sales tax requirements, because QuickBooks keeps that information up to date for you ✔✔False When entering a bill for inventory, enter any shipping charges in the items tab along with the inventory items ✔✔False The Enter Sales Receipt window does NOT affect Accounts Receivable ✔✔True Savings from discounts are deposited directly into your bank account, so you don't have to specify another account for the discounted amount ✔✔False When accounting for returned merchandise, you can either issue a refund check or apply a credit toward a future purchase ✔✔True What is the cost of goods sold? ✔✔The wholesale purchase price Where do you enter shipping charges for items received? ✔✔The Expenses tab on the Enter Bills window Which of these should be set up as a non-inventory? ✔✔Thread used by a seamstress What does "2% 10" mean in the payment terms 2% 10 Net 30? ✔✔If paid within 10 days, the customer receives a 2% discount Marcus is considering adopting QuickBooks for his small business, which stocks nearly a thousand different products. Which edition of QuickBooks should he purchase? ✔✔Point-ofSale Inventory parts are tracked and sold by ✔✔Quantity When it comes to inventory, your profit is defined as: ✔✔The difference between your sales and cost of goods sold How you set up sales tax in QuickBooks depends entirely on ✔✔The state in which you conduct business Clara lives in an area that requires her to send taxes to multiple tax agencies. How should she create her sales tax items in QuickBooks to properly collect the sales tax? ✔✔She should create a tax item for each agency and combine them into a single sales tax group You purchase inventory items from several vendors. Some vendors send bills with each delivery, while others send one bill at the end of the month that includes all deliveries for that month. To receive items without a bill, use the ... icon. To enter a bill that covers all deliveries for a month, use the ... icon. ✔✔Receive Inventory; Enter Bills Against Inventory Tina had been using the same payment terms for one of her longtime customers with no issue, but recently the customer has been late on payments. To hopefully encourage the customer to make more timely payments, Tina wants to add stricter terms to just the next transaction. How should she do this? ✔✔She should change the terms manually for the invoice , leaving the default alone In which situation would QuickBooks' batch invoicing feature be most useful? ✔✔If your company charges a standard monthly fee for many customers Which statement about shipping items and QuickBooks is true? - You can ship using FedEx, UPS, and the United States Postal Service - QuickBooks can create a shipping label with the customer information - You can track shipments from within QuickBooks ✔✔All of these options Karl wants to closely monitor his inventory, which includes several valuable items, to help prevent loss. What report can Karl run to quickly and easily to compare his inventory in QuickBooks against his physical inventory? ✔✔A Physical Inventory Worksheet - Inventory Valuation Summary: Shows the value of your inventory by item - Inventory Valuation Detail: Shows the specifics for transactions that affect inventory value - Inventory Stock Status by Item: Shows inventory that needs to be ordered - Physical Inventory Worksheet: Used to compare inventory on hand to inventory recorded in QuickBooks ✔✔Match each inventory report to its description - Offered to encourage customers to pay bills earlier: Discount payment terms - Wholesale purchase price of inventory: Cost of goods sold - Tracked and sold by quantity: Inventory Part - Does not affect what happens behind the scenes: Non-posting account - An item purchased for a specific customer: Non-Inventory Part ✔✔Match each description to its correct term [Show More]

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