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QuickBooks Chapter 07 Test (Latest); Questions and Answers

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QuickBooks Chapter 07 Test (Latest); Questions and Answers 1.The Cost of Goods Sold in the Profit and Loss account increases when you sell a product. True 2: There is no limit to the number of inventory products you can enter in QuickBooks Online. True

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  • August 26, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • questions and answers
  • quickbooks chapter 07 test latest

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  • QuickBooks
  • QuickBooks

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QuickBooks Chapter 07 Test (Latest); Questions
and Answers
1.The Cost of Goods Sold in the Profit and Loss account increases when you sell a

product.


✔✔True


2: There is no limit to the number of inventory products you can enter in

QuickBooks Online.


✔✔True


3: The difference between the cost and the sales price is an expense. ✔✔false


4: You can verify goods were NOT received without applying the receipt of

inventory to a


purchase order. ✔✔true


5: QuickBooks Online can receive incomplete orders by leaving the purchase

order until the


complete order has arrived. ✔✔false


6: When you give a refund to a customer, you must issue a refund receipt.

✔✔True

, QuickBooks Chapter 07 Test (Latest); Questions
and Answers
7: When you first set up sales tax, you also set up the Sales Tax Receivable

Liability account.


✔✔False


8: Which account on the balance sheet increases when you purchase products to

sell?


✔✔Inventory


9: What happens to the Cost of Goods Sold account when you sell an item?

✔✔It increases by


the amount you paid for it.


10: What type of transaction is a purchase order? ✔✔non-posting transactions


11: Which of the following is NOT an option when receiving inventory ordered

on a purchase


order and closing the purchase order? ✔✔Creating an invoice and marking it

paid


12: When might you have to record a vendor credit? ✔✔all of these options

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