Quick-Books-Chapter 3 Practice Exam Questions and Answers
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Course
Quickbooks online
Institution
Quickbooks Online
In QuickBooks, the Enter Sales Receipts window will result in a debit to - Answer-the Cash or Undeposited Funds account.
A sale on account - Answer-creates an account receivable
Which statement is false? - Answer-Customers can be added or edited in the Customer Center, but not deleted
Whic...
Quick-Books-Chapter 3 Practice Exam
Questions and Answers
In QuickBooks, the Enter Sales Receipts window will result in a debit to - Answer-the
Cash or Undeposited Funds account.
A sale on account - Answer-creates an account receivable
Which statement is false? - Answer-Customers can be added or edited in the Customer
Center, but not deleted
Which of the following is false? - Answer-Cash sales for which payment is received
immediately do not need to be entered in a QuickBooks window.
The Open Invoices report does not - Answer-show a customer's cash sales.
Which statement is false? - Answer-Many businesses post to the Cash account only
when funds are actually deposited in the checking account; therefore, no entry is made
in QuickBooks until the deposit is made.
When you record a collection of accounts receivable in the Receive Payments window,
QuickBooks automatically decreases (credits) the - Answer-Accounts Receivable
account
he Customer Center is not updated when - Answer-customers make a cash sale of
goods or services.
The Journal report - Answer-displays Activities in general journal format for a specified
period of time
n the Create Invoices window, when an item is selected, QuickBooks uses the
information from - Answer-the Item List window to determine which revenue account
should be credited.
When reviewing a customer report, QuickBooks allows you to "drill down" from the
report to - Answer-the activity window
Customer-related reports help the company to manage its collections, control cash flow,
and retain an accurate record of all customer-related transactions. The reports -
Answer-include the Open Invoices report, the Customer Balance Detail report, and the
Customer Contact List report.
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