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QuickBooks Chapter 6 Test with Certified Solutions $10.99   Add to cart
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QuickBooks Chapter 6 Test with Certified Solutions
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  • Course
  • 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...

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Document information

  • September 16, 2023
  • 5
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

Subjects

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

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  • Oxford University (OX)
  • Unknown
  • Quickbooks
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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

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