QuickBooks Chapter 2 Test Latest Update Graded A+

QuickBooks Chapter 2 Test Latest Update Graded A+ Subitems do NOT affect the accounting behind the scenes ✔✔True To edit an existing transaction in QuickBooks, you void it and the re-create it ✔✔False Lists in QuickB ...

QuickBooks Chapter 2 Test Latest Update Graded A+ Subitems do NOT affect the accounting behind the scenes ✔✔True To edit an existing transaction in QuickBooks, you void it and the re-create it ✔✔False Lists in QuickBooks are used for storing your list of accounts ✔✔False You CANNOT add information to a customer entry; you must enter the information into a job ✔✔False You CANNOT edit a customer record after it has been created ✔✔False You CANNOT merge more than two customer names at one time ✔✔True Non-inventory items are tracked in the Cost of Goods account ✔✔True Use a sales graph to display your sales by item, customer, or rep. ✔✔True What type of information can the Search feature help you find? ✔✔List Entries Before you can add something to an invoice, it must be created as a(n): ✔✔Item What must you specify when creating an invoice? ✔✔Customer Carlos has many customers in his company file and it's getting difficult for him to navigate through them all. He wants to clean up his list of customers by removing those he's pretty sure won't be coming in again. How can Carlos do this? ✔✔He can mark the unwanted customers as inactive What happens behind the scenes if you don't use the Receive Payments window to record a payment on an invoice? ✔✔Income will be overstated and Accounts Receivable will not be cleared out To remove a transaction and still retain a record of it, use the ____ command ✔✔Void Which aspects of doing business with customers are set up and executed in the Customer Center? Managing payment terms Setting up sales tax Tracking Customers ✔✔All of these options When can you add a new customer or job to the Customer Center? ✔✔At any time Jemal is trying to create an invoice, but in the Customer:Job list, only < Add New> is showing. What must Jemal do to populate his customer list? ✔✔He must first enter his customers into the Customers & Jobs List Kendall is frustrated with having to manually populate every field whenever she enters a transaction. What can she do to help automate this process? ✔✔She can set defaults for specific information for each customer Eisa recently added a new customer. After about a week of entering transactions for that customer, Eisa notices that he misspelled the customer's name when he originally created the record. How can Eisa most effectively correct the problem? ✔✔He can edit the customer name in the Customer Center, as any changes made to the customer record will change all future and past transactions Which of these is an action you can take in the Lead Center to help track potential sales leads? Input contact and local information Keep notes Create and track tasks ✔✔All of these options In QuickBooks, what is considered an item? ✔✔Anything the company buys, sells, or resells in the course of business Kyle's Item List includes many items for various cleaning service. They all start with different letters, so they don't appear together in the list, which means he must scroll up/down when choosing more than one service to include on an invoice. How can Kyle make finding his cleaning services items easier? ✔✔He can group them into subitems under a general term When you enter a Sales Receipt transaction, where do the funds go? ✔✔Undeposited Funds Used to gather customer charges for a specific period: Statements Used when a customer does not pay at time of service: Invoice Used when a customer makes a payment at time of service: Sales Receipt ✔✔Match each form type to its best description and use Discount: Use this to subtract a percentage or fixed amount from a total or subtotal Inventory Part: What you purchase, track as inventory, and resell Subtotal: Use this to apply a percentage discount or surcharge to many items Sales Tax Item: Calculates a single sales tax at a specific rate, which you pay to a single tax agency Payment: Records partial remittance at the time of sale and reduces the total amount owed Service: What you charge for or purchase ✔✔Match each item type with its description