QuickBooks Chapter 5 (2024/25); Questions and Answers 100% Correct
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Module
QuickBooks
Institution
QuickBooks
QuickBooks Chapter 5 (2024/25); Questions
and Answers 100% Correct
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, co...
QuickBooks Chapter 5 (2024/25); Questions
and Answers 100% Correct
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
, QuickBooks Chapter 5 (2024/25); Questions
and Answers 100% Correct
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
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