Chapter 5 Quiz HW Chapter 5 Quiz HW Chapter 5 Quiz HW PDF

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Chapter 5 Quiz HW Chapter 5 Quiz HW Chapter 5 Quiz HW Chapter 5 Quiz HW Chapter 5 Quiz HW Chapter 5 Quiz HW Chapter 5 Quiz HW Chapter 5 Quiz HW...

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Chapter 5 Quiz

1.

QuickBooks considers all of the following to be vendors except: o Utility companies o Suppliers of inventory and supplies o Tax agencies such as the IRS o Customers purchasing goods.

2. Which one of the following is not a vendor transaction? o Order goods o Receive inventory o Make deposits o Receive bills

3. The Enter Bills window is used to record which one of the following transactions? o Owner’s investment o Services received but not yet paid o Items sold to customers o Cash purchases of supplies

4. Which of the following activities, and the QuickBooks window used to record it, is incorrect? o Receive goods; Item List o Order goods; Purchase Order o Record inventory information; Item List o Sell goods and bill customers; Invoice

5. Which one of the following activities is associated with the Vendor section of the Home page? o Items & Services o Invoices o Manage Sales Taxes o None of these

6. All the following are non-inventory items except: o Cleaning services o Items purchased for a specific customer job, such as a custom countertop o Items purchased and used by the company instead of being resold, such as office supplies o Items purchased and resold (if the quantity on hand does not need to be tracked)

7. Recording a purchase of goods using QuickBooks involves all the following steps except: o Create invoice order to bill customers for purchases o Create purchase order to order items from vendor o Receive item and record as inventory or non-inventory part o Receive bill and record obligation to pay vendor later

8. QuickBooks tracks inventory using the: o Weighted-average method o First-In-First-Out o Last-In-Last-Out o Specific Item

9. Which one of the following reports helps track past due bills and bills that are due shortly? o Customer Aging Summary o Accounts Payable Aging Summary o

Accounts Receivable Aging Summary

o

Vendor Aging Report

10. The Physical Inventory Worksheet is used when: o

Inventory items are physically placed in the warehouse

o o o

The computer goes down Taking a physical count of inventory of hand All of these....