QuickBooks Chapter 6 Test (Latest); Questions and Answers
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Course
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
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