Exam (elaborations)

QuickBooks Chapter 6 Questions and Answers Already Passed

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Module
Quickbooks

Institution
Oxford University (OX)

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

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Uploaded on September 16, 2023
Number of pages 6
Written in 2023/2024
Type Exam (elaborations)
Contains Questions & answers

quickbooks chapter 6
quickbooks
quickbooks chapter 6 questions and answers alread
quickbooks chapter 6 questions and answers
quickbooks chapter 6 questions

Institution Oxford University (OX)
Education Unknown
Module Quickbooks

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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

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