Credit Memos are prepared to record a reduction to a transaction. True
When using QuickBooks, checks may not be written in a checkbook. False
QuickZoom is a QuickBooks feature that allows detailed information to be displayed. True
QuickBooks Chapter 5 Questions and
Answers Passed with 100%
In the perpetual inventory system, the inventory quantity and values are updated ✔✔after each
purchase and sale of inventory items
This report shows all purchase information for each inventory item, including vendor name, cost
per unit, quantity purchased, and total cost. ✔✔Purchases by Item Detail
In the periodic inventory system, separate records __________ maintained for inventory items,
and the inventory account __________ adjusted for purchases and sales. ✔✔are not; is not
In addition to the Reports option on the main menu bar, QuickBooks also allows you print many
inventory reports from the __________ window. ✔✔Lists
Sales discounts are typically offered to customers to encourage ✔✔early payment of outstanding
invoices
When are you prevented from deleting an inventory item from the Item List? ✔✔when it has a
balance or has been part of a transaction during the current period
, To record a cash purchase and receipt of an inventory item, begin by clicking __________ on the
main menu bar. ✔✔Banking
When using the Intuit Product Invoice template in the Create Invoices window to record a sale of
inventory on account, which of the following is not one of the default posting accounts?
✔✔Accounts Payable
Inventory adjustments resulting in an inventory reduction are posted to the Inventory Adjustment
account, which is a(n) __________ account. ✔✔cost of goods sold
This inventory report displays the on-hand status of each inventory item and whether it should be
reordered. ✔✔Inventory Stock Status by item
When an inventory item is sold for cash, the transaction is recorded in the __________ window.
✔✔Enter Sales Receipts
The Pay Sales Tax window is accessed from the __________ menu on the main menu bar.
✔✔Vendors
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller AcademicTreasure. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.