Quickbooks chapter 5 exam - Study guides, Class notes & Summaries

In the perpetual inventory system, the inventory quantity and values are updated after each purchase and sale of inventory items This report shows all purchase information for each inventory item, including vendor name, cost per unit, quantity purchased, and total cost. Purchases by Item Detail In the periodic inventory system, separate records __________ maintained for inventory items, and the inventory account __________ adjusted for purchases and sales. are not; is not

If a return is made after an invoice has been paid in full, a refund check is issued along with a credit memo. True QuickBooks automatically applies a payment received to the most current invoice. False Sales tax will be calculated automatically on an invoice if a customer is marked taxable. True

Before adding customers, check quickbooks: A) vendors B) inventory C) accounts and settings D) products and services list C) accounts and settings The customer page includes the: A)Adding a new customer. B)Customer list. C)Create invoice. D)Export to Excel. E)All. E)All When cash sales are recorded, use: A)Invoice. B)Bill. C)Customer payment. D)Sales Receipt. E)None. D)Sales Receipt What customers owe your business is known as: A)Accounts payable. B)Invoices. C)Accounts recei...

Before adding customers, check quickbooks: A) vendors B) inventory C) accounts and settings D) products and services list C) accounts and settings The customer page includes the: A)Adding a new customer. B)Customer list. C)Create invoice. D)Export to Excel. E)All. E)All When cash sales are recorded, use: A)Invoice. B)Bill. C)Customer payment. D)Sales Receipt. E)None. D)Sales Receipt What customers owe your business is known as: A)Accounts payable. B)Invoices. C)Accounts recei...

If a return is made after an invoice has been paid in full, a refund check is issued along with a credit memo. True QuickBooks automatically applies a payment received to the most current invoice. False Sales tax will be calculated automatically on an invoice if a customer is marked taxable. True A new sales item may be added only at the beginning of a period. False Items on a Sales Order are immediately removed from inventory. False Report formats may be customized. True

ACCT 1080 EXAM 3 (ACCT1080) Key Terms & Definitions: • Direct Write-off Method and Allowance Method. Which does GAAP require? • Cash Ratio. What does a higher number indicate? • Maturity Value of a Note is.. • Acid Test Ratio • Days Sales in Receivables • A/R Turnover Ratio SAMPLE PROBLEMS: Chapter 7 Accounting Information Systems Learning Objective 7-1 An accounting information system (AIS) collects, records, stores, and processes accounting data to produce info...

Before adding customers, check quickbooks: A) vendors B) inventory C) accounts and settings D) products and services list C) accounts and settings The customer page includes the: A)Adding a new customer. B)Customer list. C)Create invoice. D)Export to Excel. E)All. E)All When cash sales are recorded, use: A)Invoice. B)Bill. C)Customer payment. D)Sales Receipt. E)None. D)Sales Receipt

Describe the process for increasing or decreasing the width of a column in the listing of bills to pay. Select one: a. Click and hold your mouse between two columns and drag to the left to decrease the width of a column and drag to the right to increase the width of a column. b. Hover your mouse over the column to see a menu with the options to increase or decrease the width of the column. c. None of these options. a Describe the steps to create a new product from within a purchase orde...