Business > QUESTIONS & ANSWERS > QuickBooks Chapter 6 Questions and Answers Already Passed (All)

QuickBooks Chapter 6 Questions and Answers Already Passed

Document Content and Description Below

QuickBooks Chapter 6 Questions and Answers Already Passed Receipt of purchase order items is never recorded before the bill arrives. ✔✔False A bill can be paid by check or credit card. ✔✔True The Cost of Goods Sold account Merchandise Discounts is used to record discounts to customers. ✔✔False Voiding a purchase order removes every trace of the purchase order from the company records. ✔✔False The Vendor Center displays the vendor list and information about individual vendors. ✔✔True A single purchase order can be prepared and sent to several vendors. ✔✔False Sales Tax account is automatically created if a company indicates that it charges sales tax on sales. ✔✔True When a credit is received from a vendor for the return of merchandise, it may be applied to a payment to the same vendor. ✔✔True A new vendor cannot be added while recording a transaction. ✔✔False A purchase order is closed automatically when a partial receipt of merchandise is recorded. ✔✔False If you change the reorder point for an item, it becomes effective _____. A. immediately B. the beginning of next month C. as soon as outstanding purchase orders are received D. the beginning of the next fiscal year ✔✔immediately If an order is received with a bill but is incomplete, QuickBooks will _____. A. record the bill for the full amount ordered B. record the bill only for the amount received C. not allow the bill to be prepared until all the merchandise is received D. close the purchase order ✔✔record the bill only for the amount received The Purchase Order feature must be selected as a preference _____. A. when setting up the company B. prior to recording the first purchase order C. is automatically set when the first purchase order is prepared D. either A or B ✔✔D. either A or B -when setting up the company -prior to recording the first purchase order purchase order is prepared A faster method of entering bills can be entering the bills _____. A. while writing the checks for payment B. in the Pay Bills window C. in the Accounts Payable Register D. none of the above ✔✔in the Accounts Payable Register When items ordered are received with a bill, you record the receipt _____. A. on an item receipt form B. on the bill C. on the original purchase order D. in the Journal ✔✔Manage Sales Tax Sales tax is paid by using the _____ window. A. Pay Bills B. Manage Sales Tax C. Write Check D. Credit Card ✔✔Manage Sales Tax A Purchase Order may be customized using the _____. A. Layout Designer B. Drawing menu C. Customize Form button on the Home Page D. a form may not be changed ✔✔Layout Designer Checks to pay bills may be printed _____. A. individually B. all at once C. as the checks are written D. all of the above ✔✔All of the above When recording a bill for merchandise received, you click the _____ tab on the vendor section of the bill. A. Memo B. Expenses C. Items D. Purchase Order ✔✔Items The _____ basis of accounting matches income for the period against expenses for the period. A. cash B. credit C. accrual D. debit/credit ✔✔Accrual Orders for merchandise are prepared using the QuickBooks __________ form. ✔✔Purchase Order Information on the Reminders List may be displayed in __________ or __________form. ✔✔Expanded/Collapsed The ___________ Report shows the total taxable sales and the amount of sales tax owed. ✔✔Sales Tax Liability A purchase order can be closed __________ or __________. ✔✔automatically or manually . To see the bill payment information, checks must be printed ___________. ✔✔Individually

[Show More]

Last updated: 6 months ago

Preview 1 out of 6 pages

Buy Now

Instant download