QuickBooks Chapter 5 Questions and Answers Already Graded A

QuickBooks Chapter 5 Questions and Answers Already Graded A If a return is made after an invoice has been paid in full, a refund check is issued along with a credit memo. ✔✔True QuickBooks automatically applies a pay ...

QuickBooks Chapter 5 Questions and Answers Already Graded A If a return is made after an invoice has been paid in full, a refund check is issued along with a credit memo. ✔✔True QuickBooks automatically applies a payment received to the most current invoice. ✔✔False Sales tax will be calculated automatically on an invoice if a customer is marked taxable. ✔✔True A new sales item may be added only at the beginning of a period. ✔✔False Items on a Sales Order are immediately removed from inventory. ✔✔False Report formats may be customized. ✔✔True The Discounts & Credits button on the Receive Payments window allows discounts to be applied to invoices being paid by clicking Cancel. ✔✔False Cash sales are recorded in the Receive Payments window and marked paid. ✔✔False If a customer issues a check that is returned marked NSF, you may charge the customer the amount of the bank charges and any penalty charges you impose. ✔✔True Sales tax must be calculated manually and added to sales receipts. ✔✔False Information regarding details of a customer's balance may be obtained by viewing ______. A. the Trial Balance B. the Customer Balance Summary Report C. the Customer Balance Detail Report D. an invoice for the customer ✔✔C. the Customer Balance Detail Report Even though transactions are entered via business documents such as invoices and sales receipts, QuickBooks keeps track of all transactions ______. A. in a chart B. in the master account register C. on a graph D. in the Journal ✔✔D. in the Journal If a transaction is ______, it will not show up in the Customer Balance Detail Report. A. voided B. deleted C. corrected D. canceled ✔✔B. deleted A credit card sale is treated exactly like a ______. A. cash sale B. sale on account until reimbursement is received from a bank C. sale on account D. bank deposit ✔✔A. cash sale If the word -Split- appears in the Split column of a report rather than an account name, it means that the transaction is split between two or more ______. A. accounts or items B. customers C. journals D. reports ✔✔A. accounts or items When adding a customer on the fly, you may choose to add just the customer's name by selecting ______ . A. Quick Add B. Set Up C. Condensed D. none of the above—a customer cannot be added on the fly ✔✔A. Quick Add The Item List stores information about ______ . A. each item that is out of stock B. each item in stock C. each customer with an account D. each item a company sells ✔✔D. each item a company sells A report prepared to obtain information about sales, inventory, and merchandise costs is a ______. A. Stock Report B. Income Statement C. Sales by Vendor Summary Report D. Sales by Item Summary Report ✔✔D. Sales by Item Summary Report If a customer has a balance for an amount owed and a return is made, a credit memo is prepared and ______. A. a refund check is issued B. the amount of the return is applied to an invoice C. the customer determines whether to apply the amount to an invoice or to get a refund check D. all of the above ✔✔B. the amount of the return is applied to an invoice Purchase Information regarding an item sold by the company is entered ______. A. in the Invoice Register B. when adding a sales item C. only when creating the company D. when the last item in stock is sold ✔✔B. when adding a sales item A report showing all sales, credits, and payments for each customer on account and the remaining balance on the account is the ____________________ report. ✔✔Customer Balance Detail When a customer with a balance due on an account makes a payment, it is recorded in the __________ window. ✔✔Receive Payment If the Quantity and Price Each are entered on an invoice, pressing the __________ key will cause QuickBooks to calculate and enter the correct information in the Amount column of the invoice. ✔✔Tab QuickBooks allows you to view additional information within a report by using the __________feature. ✔✔QuickZoom When you receive payments from customers, QuickBooks places the amount received in an account called __________ Funds . ✔✔Undeposited Funds