QuickBooks Chapter 6 (Latest); Questions and Answers
8 views 0 purchase
Course
QuickBooks
Institution
QuickBooks
QuickBooks Chapter 6 (Latest); Questions and
Answers
Receipt of purchase order items is never recorded before the bill arrives.
False
A bill can be paid by check or credit card. True
The Cost of Goods Sold account Merchandise Discounts is used to record
discounts to
customers. False
QuickBooks Chapter 6 (Latest); Questions and
Answers
Receipt of purchase order items is never recorded before the bill arrives.
✔✔False
A bill can be paid by check or credit card. ✔✔True
The Cost of Goods Sold account Merchandise Discounts is used to record
discounts to
customers. ✔✔False
Voiding a purchase order removes every trace of the purchase order from the
company records.
✔✔False
The Vendor Center displays the vendor list and information about individual
vendors. ✔✔True
A single purchase order can be prepared and sent to several vendors. ✔✔False
Sales Tax account is automatically created if a company indicates that it charges
sales tax on
sales. ✔✔True
, QuickBooks Chapter 6 (Latest); Questions and
Answers
When a credit is received from a vendor for the return of merchandise, it may be
applied to a
payment to the same vendor. ✔✔True
A new vendor cannot be added while recording a transaction. ✔✔False
A purchase order is closed automatically when a partial receipt of merchandise
is recorded.
✔✔False
If you change the reorder point for an item, it becomes effective _____.
A. immediately
B. the beginning of next month
C. as soon as outstanding purchase orders are received
D. the beginning of the next fiscal year ✔✔immediately
If an order is received with a bill but is incomplete, QuickBooks will _____.
A. record the bill for the full amount ordered
B. record the bill only for the amount received
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller TheeGrades. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.99. You're not tied to anything after your purchase.
