Quickbooks chapter 4 test - Study guides, Class notes & Summaries

Which of the following reports is not part of the period-end accounting reports? Pending Sales The Cost of Goods Sold account would fall into which of the following account types? Income and Expenses Which of the following is one of the financial reports that companies prepare at least once a year? Balance Sheet By what name is the income statement known in QuickBooks? Profit & Loss report

QuickBooks Mayterm Chapter 3 Test Already Passed 1: The Navigation bar is where the link to the Sales center is located. True 2: You can create a statement, receipt, invoice, or other transaction using the Action menu in the Sales center. True 3: A sales transaction can only be recorded when the customer pays for the product or service at the time of the sale. False 4: The sales form settings can be found in Account and Settings under the Your Company heading. True 5: You cannot change ...

Accrual-basis accounting matches the income from the period and the expenses for the period in order to determine the net income or net loss for the period. True In QuickBooks, the Journal is called the book of final entry. False An account may be deleted at any time. False In a sole proprietorship, an owner's name is added to the Vendor List for recording withdrawals. False

you can delete vendors in quickbooks online false You can have two vendors with the same name. false A vendor is a person or business you sell services or products to. false You can set up a new vendor only from the Vendors list. false

QuickBooks Chapter 07 Test with Certified Solutions 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 leavi...

QuickBooks Mayterm Chapter 3 Test Already Passed 1: The Navigation bar is where the link to the Sales center is located. True 2: You can create a statement, receipt, invoice, or other transaction using the Action menu in the Sales center. True 3: A sales transaction can only be recorded when the customer pays for the product or service at the time of the sale. False 4: The sales form settings can be found in Account and Settings under the Your Company heading. True 5: You cannot change ...

QuickBooks Chapter 07 Test with Certified Solutions 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 leavi...

QuickBooks Mayterm Chapter 3 Test Already Passed 1: The Navigation bar is where the link to the Sales center is located. True 2: You can create a statement, receipt, invoice, or other transaction using the Action menu in the Sales center. True 3: A sales transaction can only be recorded when the customer pays for the product or service at the time of the sale. False 4: The sales form settings can be found in Account and Settings under the Your Company heading. True 5: You cannot change ...

Which of the following reports is not part of the period-end accounting reports? Pending Sales The Cost of Goods Sold account would fall into which of the following account types? Income and Expenses Which of the following is one of the financial reports that companies prepare at least once a year? Balance Sheet

Accrual-basis accounting matches the income from the period and the expenses for the period in order to determine the net income or net loss for the period. True In QuickBooks, the Journal is called the book of final entry. False An account may be deleted at any time.