QuickBooks Chapter 6 Test (Latest); Questions and Answers
8 views 0 purchase
Module
QuickBooks
Institution
QuickBooks
QuickBooks Chapter 6 Test (Latest); Questions
and Answers
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...
QuickBooks Chapter 6 Test (Latest); Questions
and Answers
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
, QuickBooks Chapter 6 Test (Latest); Questions
and Answers
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
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 £8.84. You're not tied to anything after your purchase.
