QuickBooks Chapter 5 (2024/25); Questions and Answers 100% Correct
8 views 0 purchase
Module
QuickBooks
Institution
QuickBooks
QuickBooks Chapter 5 (2024/25); Questions
and Answers 100% Correct
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 c...
QuickBooks Chapter 5 (2024/25); Questions
and Answers 100% Correct
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
, QuickBooks Chapter 5 (2024/25); Questions
and Answers 100% Correct
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
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 TheeGrades. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £9.24. You're not tied to anything after your purchase.
