Exam (elaborations)

QuickBooks Chapter 6 Test with Certified Solutions

0 purchase

Module
Quickbooks

Institution
Oxford University (OX)

The Inventory Part window consists of two sides: one for sales information and one for purchase information True Inventory tracking is automatically activated when you create a company file False In QuickBooks, non-inventory parts are tracked in the same way as inventory parts False Quic...

[Show more]

Preview 2 out of 5 pages

View example

Uploaded on September 16, 2023
Number of pages 5
Written in 2023/2024
Type Exam (elaborations)
Contains Questions & answers

quickbooks chapter 6
quickbooks
quickbooks chapter 6 test with certified solution
quickbooks chapter 6 test questions and answers

Institution Oxford University (OX)
Education Unknown
Module Quickbooks

£8.98

Add to cart

Add to wishlist

100% satisfaction guarantee
Immediately available after payment
Both online and in PDF
No strings attached

QuickBooks Chapter 6 Test with
Certified Solutions
The Inventory Part window consists of two sides: one for sales information and one for purchase

information ✔✔True

Inventory tracking is automatically activated when you create a company file ✔✔False

In QuickBooks, non-inventory parts are tracked in the same way as inventory parts ✔✔False

QuickBooks automatically creates your Sales Tax Liability account for you ✔✔True

You can set a default tax rate for the company but NOT for individual customers ✔✔False

Luckily, you don't have to know your state's sales tax requirements, because QuickBooks keeps

that information up to date for you ✔✔False

When entering a bill for inventory, enter any shipping charges in the items tab along with the

inventory items ✔✔False

, The Enter Sales Receipt window does NOT affect Accounts Receivable ✔✔True

Savings from discounts are deposited directly into your bank account, so you don't have to

specify another account for the discounted amount ✔✔False

When accounting for returned merchandise, you can either issue a refund check or apply a credit

toward a future purchase ✔✔True

What is the cost of goods sold? ✔✔The wholesale purchase price

Where do you enter shipping charges for items received? ✔✔The Expenses tab on the Enter

Bills window

Which of these should be set up as a non-inventory? ✔✔Thread used by a seamstress

What does "2% 10" mean in the payment terms 2% 10 Net 30? ✔✔If paid within 10 days, the

customer receives a 2% discount

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 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 £8.98. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

69411 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy revision notes and other study material for 15 years now

Start selling